Vivendi SE (VIV) Earnings Call Transcript & Summary

Ladies and gentlemen, dear shareholders, thank you. Welcome to the 2023 Vivendi Group Annual General Meeting. This mythical room of the Olympia welcomes us again this year. It's always a pleasure for me to find you and -- meet you here in person. You may remember last year I said how wonderful it was to meet with you again. Last year, we discussed the possibility of having this general meeting in what's called the metaverse, the virtual world we're all represented by our avatars. I have to confess, I'm pleased actually that the development of that technology has lagged a little bit, a little bit delayed. [Technical Difficulty] Can you hear me better now? Shareholders, I believe we've fixed the technical issue. Can you hear me better now? Okay. We'll then welcome to the Vivendi Group 2023 Annual General Meeting. Welcome to you one and all. Thank you for the applause. That's very meaningful to us. That's why I'm so pleased that these AGMs aren't yet being held in the metaverse. So that together, we can enjoy this get together and feel the collective energy. But beyond the pleasure we feel in meeting with you, and this is also a very important time. It's an opportunity to have discussions with shareholders to validate our group's strategy. It's also an opportunity for us to give you a heartfelt thank you to each and every one of you, for your unwavering support. For those of you present in the room and for those of you who are watching remotely through the Internet, it's thanks to all of you that we can bring to fruition our ambitions and our strategy. So a big thank you to you all. I suggest, we move on to the formalities. I think I give the floor to our General Counsel, Frédéric Crépin.

Thank you, Chairman. I'd remind you, our general meeting was convened today by Notice of Meeting published in the ballot, April 5, 2023, and the Legal Gazette [indiscernible] on the same date sent to all shareholders that are registered. The documents were made available to shareholders in the forms and within the time limits prescribed by law. They are on the desk here. I remind you, the AGM will be speaking to the following agenda: approval of reports and financial statements for [ 2022 ] year, establishment of the dividend, approval of the statutory auditors, report and related third-party agreements, approval of the components of compensation 2022/2023 of the corporate officers, renewal of Mr. Cyrille Bollore and the appointment of Mr. Sebastian Bollore as members of the Supervisory Board, the renewal of the Deloitte & Associés company as statutory auditor, and then authorizations and delegations pertaining to share buybacks and cancellations, particularly through an OPRA, and as well as some reserved capital increases with or without maintenance of preferential subscription rights by incorporation of reserves or for the benefit of employees. The provisional quorum, 69.86%. The AGM, therefore, is duly established. Shareholders are still arriving, so the final quorum will be given just before we begin voting. Establishment of the bureau [indiscernible] representing the Compagnie de Cornouaille and Compagnie de l’Odet, as well as Ms. [indiscernible] representing Vivendi [ Partner group Employee Investment Fund ] -- the biggest shareholders who agreed to act as scrutineers, they're here in the front row, I would like to thank them. If Mr. Yannick Bollore accepts, I suggest, that I serve as Secretary. Yes, I agree. Thank you. [indiscernible] and [indiscernible] have checked the sign-in operations and will be checking the smooth running of the voting process.

Thank you very much, Frédéric. Dear shareholders, if I might thank all of the Supervisory Board members for their presence and their especially constructive contribution to the life of the group. We're fortunate to welcome Sebastian Bollore, whom you may already know, whose appointment will be proposed to you. Well, so fortunate to count on the presence of Dominique Delport. Mr. Dominique Delport didn't want his renewal, but I thank you in behalf of all of us for your contribution in the last 8 years, which were highly productive. Of course, I have a thought for Vincent Bollore, my father. He was a nonvoting member since 2019 and his term of office ended in April. He didn't want to renew that term of office. On behalf of us all, if I might thank him for all his contributions to this group. And for all the contributions he continues making as Chief Executive Officer of the Compagnie de l’Odet, which is a Vivendi shareholder via Bolloré. So thank you to him and from him. At my side, I will introduce Ms. Cathia Lawson-Hall, whom you know, Chairman -- Chairperson of the Audit Committee; Mr. Arnaud de Puyfontaine, Chairman of the Management Board. And again at our AGM, Celine Merle-Beral, Director of HR, Strategy and Corporate Culture; and Francois Laroze, our Chief Financial Officer. Of course, I'd like to thank the other members of the Management Board who are also present, Maxime Saada, whom you know, Chairman of Canal+ and Chairman of the Management Board. We mustn't forget he's also Chairman of Dailymotion. And Claire Leost, whom you may know a little bit less, she was here last year though, Chairperson of Prisma Media. Dear shareholders, of course, we can all rejoice at the better health situation in France, which has let us to return to a normal life. But I have a thought for the men and women, especially the employees, the talented people of Vivendi, who are confronted with war and other major tensions. You should also know that many of them have expressed their gratitude to us for the logistics and financial support the group has provided them with during the time of crisis. I also received positive messages from shareholders about helping those who are in need. This touched me a great deal and want to thank you very much for that. As you can well imagine, our top priority for groups such as ours is, of course, the safety of our employees. During this period, you'll agree with me, which is a period of great instability, I'm convinced, absolutely convinced, that companies have a major role to play to make this world a better place. This is all the more true for a group such as Vivendi, a world leader in culture, entertainment, communication and media sectors. Two things. On the one hand, it's important for me to remind us all that culture is a driving force behind economic development at Vivendi. You're familiar with the figures. We're very proud to contribute fully to the global economy with revenue of nearly EUR 10 billion, employing almost 40,000 people worldwide over 100 countries. On the other hand, I think we all realize, cultural exchanges are a vector of peace. Beyond the financial results, which will be presented to you by Francois Laroze in a moment, it is essential, to my mind, for me to specify that with the return -- the fortunate global return more to our doorstep, we have a duty to facilitate cultural exchanges between people. We must, at all cost, fight against attacks on freedom and preserve cultural diversity. It's more than a role to play. It's a genuine responsibility I'm talking about. This responsibility commits us to giving meaning our actions, to the content we produce. We must make it a point of honor that our impact is a positive impact. We have a role to play in the face of a climate emergency. We'll talk about it later, our CSR program, Vivendi for the Future, saw a strong acceleration in 2022. We'll see this when we share with you our nonfinancial indexes during the presentation on our climate strategy. The first time we make this presentation. Let me say this, for all these reasons that our new Vivendi really draws all of its legitimacy. I talked about the New Vivendi today. Last year, 2022. Last year was a true turning point for our group. We all remember, how could we forget, end of 2021, distribution of 60% of Universal Music Group's capital and its listing on the Amsterdam Stock Exchange. That operation was huge success, and we can collectively be very pleased about. Vivendi, the impetus of this Management Board, has implemented a new strategy based on 3 pillars, which are transformation, internationalization and integration. Let's start, first of all, we're talking about transformation. It's essential for Vivendi to support all of our businesses and transforming themselves in the face of increasing digitization. Just a few examples of this, possibly the most telling examples. Of course, I think of myCanal. Maxime, correct me if I'm mistaken. As many of you I've had the opportunity to test some competitors' platforms. It's my duty, also guilty pleasure. And I have to assure you, the myCanal platform is the best one in the world. So I tip my hat to the Canal+ teams. Thank you for on their behalf. I think I see our shareholders agree. Havas has also continued to develop evermore innovative solutions in data, blockchain and we were talking about this earlier also in the metaverse, Gameloft has exceeded its major transformation in 2022. Arnaud will talk with this later. Prisma Media is the most digitally advanced magazine press group in Europe and possibly worldwide. When we talk about the digital transformation, it's this precise transformation that's made it possible for Universal Music Group to return to the economic success in -- towards the end of [ 2000s ] and 2010s. This is a necessary transformation. And there's another transformation is necessary, the CSR transformation of our businesses. Let's talk about the second strategic pillar now, internationalization. The group ensures and must ensure that it meets the new imperatives of globalization. Our competitors in each of our business lines. Well, their common point is that they operate on a global scale, which means we have to go beyond our borders. And I can tell you, this internationalization is very much underway already. Havas and Gameloft already generating over 80% of their turnover internationally. Canal+ has more than 2/3 of its subscribers outside of France. This is moreover, one of the main reasons for our proposed tie-up with the Lagardère Group, which should allow us, if we obtain -- I'm crossing my fingers, that we would obtain the regulatory authorizations, enable us to reach the third step in the world marketplace with publishing [indiscernible] new businesses in travel retail. I'd like to say hello to Arnaud Lagardère. He may be watching us live. I'd like to congratulate Arnaud Lagardère and all of your teams for the exceptional 2022 results and the thunderous start of 2023, congratulations. Arnaud, I know that you'll return in more detail to this merger project. Unfortunately, like all such projects, there are often remedies required, the painful counterparts and remedies. I'm thinking of the projects to divest Editis and Gala. You know we're sincerely attached to their teams, to their office, their publishers, their journalists, but we're also convinced that Editis and Gala will have a bright future supported by their future shareholders and that they will continue. Unfortunately, for Lagardère, to be formidable competitors, 100% of Editis capital -- agreed yesterday with the International Invest Media Group. If I might, dear shareholders, on behalf of all group shareholders, to congratulate Michèle Benbunan and all the Editis teams as well as the Gala teams, a big thank you. Finally, the last essential part of our strategy, integration. Each talented employee of this group proves every day, how much this priority resonates with them. There's not a single meeting with employee that doesn't end with this conclusion: Together, we are stronger. Our talent's already working a great deal together, and they further accelerated their collaboration through joint projects in recent months. What really makes you the most enthusiastic is to see everyone's genuine pleasure in working together. The group's success at Vivendi, like any group, hinges on the success of our talents. We've demonstrated our ability in recent years to attract the best of talents worldwide. We'll have the pleasure of welcoming Céline Merle-Béral, who will be talking to us about HR strategy later. I'll use this opportunity to thank the almost 40,000 talents who work in our -- your group every single day worldwide. They contribute to the success of our strategy. Thank you very much to them. Finally, I know that I can count on the new management team formed last June around Arnaud. As you saw, we set up a new management board made up of 6 members, 1/3 of whom are women. And a new essential body, an Executive Committee, which represents our businesses with 14 talents, half of whom are women. It's 50% women, 50% men in the Executive Committee. The Executive Committee, which didn't exist previously, is key with the success in our project of transformation, internationalization and integration. All of this has made it possible to proudly present strong results that illustrate our agility, the strength of our foundations and, I believe, it's safe to say, the success of our strategy. Before giving the floor to Francois Laroze, I can't just rejoice in our success is without asking what we're doing for other people, especially for people who are the most in need. I'd like to mention an important subject for all of us, which is Vivendi's commitment to solidarity causes. We've been working on these issues for many years now. As from 2008, Vivendi set up a solidarity program, Vivendi Create Joy, to go further, to lend further structure to our solidarity actions. Last June, we announced the beginning of the Vivendi Foundation. We believe that culture only has meaning if it's shared by all and disseminated everywhere. One of our primary objectives will be to make culture accessible to young people from disadvantaged backgrounds. A film has been produced to present to you in greater detail the new chapter, which will be beginning next June. [Presentation]

Dear shareholders, I'd now like to present the 2022 earnings of our group. Vivendi delivered high-quality operational earnings against an uncertain macroeconomic backdrop. Here are the earnings that we reported, the 8th of March. Revenue up 10%, essentially thanks to the contributions of Havas and Gameloft business. EBITDA is also up 10% driven by Canal+ and Havas. Group EBITDA that also comprises the shares of UMG and Lagardère earnings is up 36%. Adjusted net income grew by 19%, excluding Telecom Italia. And lastly, Vivendi employs over 38,000 people, headcount up 7% compared to 10% revenue growth, thereby demonstrating our productivity efficiencies. Vivendi brings together leading operating assets and diversified equity holdings. Let's start with our operational assets with TV and cinema through Canal+, who's revenue reached EUR 5.8 billion. Communication with Havas posted remarkable organic growth of 7% to reach revenue close to EUR 2.8 billion. Magazine press with Prisma Media with a revenue of EUR 320 million. Gameloft video games with over EUR 300 million in revenue. But also live and ticketing activities in Vivendi Village, the video platform, Dailymotion, broadband, fiber activities in Africa, GVA. The group also has a diversified equity portfolio with a total stock market value of EUR 9 billion in 2022. It enabled Vivendi to receive close on EUR 200 million in dividends. Major holdings at UMG, Lagardère, that we hope to integrate in our scope in a few months' time. Telecom Italia and FL Entertainment. I'd like to pause for a few seconds of the group's stake in MultiChoice, a pay TV operator in Southern Africa, in which the group has invested close to EUR 1 billion, whose activities fit very well to those of Canal+ in Africa. The main assets of the group are its 38,000 employees present across 19 countries. You see on the map, France, that's 11,000 employees; Europe, excluding France, 10,000 employees; American continent, plus 8,000 people. That's 21% of headcount; Africa with 3,000 employees, the presence of Canal+ and GVA; and lastly, Asia Pacific, that numbers over 5,000 employees. The global distribution of our revenue also demonstrates our presence across all continents. France and Europe remain our major geography, with 70% of revenues. But the group's activities in America, Africa and Asia Pacific are sharply up and henceforth account for 30% of our revenue. In this uncertain macroeconomic environment, it's essential to have a robust financial structure, and we can say in 2022 that this structure will strengthen still further. We see our debt net at the end of last year amounts to EUR 0.9 billion as compared to shareholders' equity of EUR 17 billion, and we still have credit facilities of EUR 2.8 billion. A few words now about the change in our debt position. We ended the year '22 with a net debt of EUR 0.9 billion against net cash at the end of '21 amounting to EUR 0.3 billion. The key items are the businesses' ability to generate recurring cash flow, EUR 600 million on the year. Also return to shareholders with EUR 300 million in dividend, and the same in share buybacks. And also to invest in new activities that will be the profits of tomorrow. Indeed, in '22, we invested over EUR 1.1 billion in Lagardère, on MultiChoice, as well as some 15 companies of lower size, allowing Canal+ have strengthened their business expertise and their priority geographies. Let's turn now in greater detail to the group's operating performance. All our businesses contributed to revenue growth, in particular, our 2 major activities, Canal+, posting a growth of 1.7% and Havas sharply up plus 18%. Prisma Media and Gameloft also delivered very robust performance. All in all, as you can see, group revenue is up 10%. Moving now to our business profitability. It's also up 10% at [ EUR 646 million ], driven by Canal+, whose EBITDA tops the EUR 500 million mark and Havas seeing a sharp improvement in its earnings coming in at EUR 286 million. If we add to the business segments the contributions of our holdings, 10% in UMG, 57% in Lagardère, our group operating income stands at EUR 868 million. That's an increase of over 35% as compared to 2021. A few words now on our major business segments. Firstly, Canal+ delivered an excellent year in 2022 with henceforth, a subscriber base of over 25 million worldwide, 16 million of which outside mainland France. As Yannick said, Canal+ continue to evolve. It's myCanal platform offering unique user experience in France, and internationally, where it's rolled out across 30 countries. Lastly, Studiocanal, European leader in their production and distribution of TV series and cinema had a great success, 8.5 million entries, 4 films in the top 15, including the film in November with over 2.3 million entries. Havas also recorded in 2022, a further year of sustained growth with the commercial dynamic with 3 divisions: Creative, Health & You, Media, but also very active acquisition policy with 8 majority stakes taken. That's a record since 2015. Havas numbers over 22,000 employees worldwide, covers all communication businesses. Its network Health & You has become the largest health communication network in the world. The creativity of agencies was held across 5 continents with over 1,400 awards to our agencies. Just to complete now with our other operating activities. Live and ticketing activities saw a strong growth post pandemic, 39 million tickets sold, performance higher than that of 2019. Prisma Media continued to expand its digital activity, now accounts for 35% of its revenue and strengthened its leadership of magazine press in France with the successful launch of Harper's Bazaar. Dailymotion, our international video platform, whose audience is reaching record levels every month, over 350 million net users connected. Gameloft, that succeeded its strategic shift to the development of multi-platform games as testified by the success of Disney Dreamlight Valley launched in September 22, and contributed to boosting its profitability. In ending, GVA, our telecom operator broadband in Africa, established in 12 cities of 7 sub-Saharan African countries in 2022 under the brand, CanalBox. GVA is continuing to record strong growth, 1.9 million households covered and over 150,000 subscribers. A few words to close on the parent company earnings, the result of Vivendi is characteristic to that of a holding company and its financial income comes essentially for dividends, we [ EUR 2.63 million ]. This year, the financial income is impacted by impairments on the securities portfolio. Telecom Italia and Editis for a total of EUR 1.5 billion. All in all, the parent company net income is down, posting a loss of EUR 1.3 billion, but a profit of EUR 0.4 million restated for the Telecom Italia provision. Allocation of earnings, you're asked to approve the resolution #4, payment in cash for 2022 of an ordinary dividend totaling EUR 256 million. That's EUR 0.25 per share. That's a yield of 2.5%. Thank you for your attention.

Thank you, Francois, for that. Let's now move to the report of the Audit Committee to be delivered by Cathia Lawson-Hall.

Thank you, Yannick. Good morning, ladies and gentlemen. Once again, a genuine pleasure to be with you again at this Vivendi shareholders meeting. As Yannick said, the group continues to implement its strategic road map focused on transformation, internationalization and growing integration of its businesses. And the earnings presented earlier by Francois demonstrate the strength of the operating performance of the same business segments, with revenue up by more than 10% and adjusted operating income up by almost 36%. We can be proud of this performance. And indeed, I am proud because as member of the Supervisory Board, Chair of the Audit Committee and member of Vivendi's CSR Committee, I know not only how exacting these earnings are to be delivered, but also how Vivendi is implementing its engagements in terms of corporate social responsibility and the execution of its activities. I know that because through the work program at the Audit Committee, we examine not only the quality of internal as well as external financial control, transactions linked to scope, changes of the group, the assessment of operating risks, the consistency of provisions of internal control as well as CSR policy. And so during the 3 meetings of the Audit Committee held during the course of 2022, all in the presence of our statutory auditors, we worked on a great many issues, the review of the value of assets and the change in the scope of consolidation, notably with an end to the consolidation of equity of Telecom Italia and the application of IFRS 5 for Editis. At the end of fiscal year 2022, we reviewed the risk maps of Canal+, Havas, Gameloft and Dailymotion. These risk maps, regularly updated, represent the foundation of Vivendi's risk management strategy for each of the business segments. They identify, assess and classify the major risks and associated action plans, be they financial, human, IT, technical and strategic. We assess the Vivendi organization in respect of cyber risk management, cybersecurity and data protection and priorities for the group. We're able to describe the group's organization. As regards cybersecurity, taking into account of the current threat status and risk exposure factors that are specific to our businesses, we inspected the application of the group's compliance program, made up of an anticorruption program in respect to the Sapin II law, another program devoted to the duty of vigilance, which comes under the same title, dating back to the 27th of March 2017. Lastly, we studied the energy conservation plan put in place in France as part of the ELAN law and as well as the consumption reduction target set in June 2022 by the Prime Minister and the Minister for Energy Transition. These issues, treated by the Audit Committee, always gives rise to which detailed discussions in a transparent manner, allowing the audit committee to fully discharge its mission in preparing decisions, submitting recommendations and opinions to the Supervisory Board. In 2023, the Audit Committee will focus on the continued combination with Lagardère, more specifically I hope, in its operational dimensions. Thank you for your attention.

Thank you, Cathia. And my thanks to all members of the Audit Committee. We're now pleased to welcome Madame Claire Pajona of EY on behalf of the group's statutory auditors.

Good morning, Chairman, ladies and gentlemen, shareholders, on behalf of the Board of Statutory Auditors, Deloitte and EY, I'm pleased to report on our assignment and present the reports we've drawn up for your attention in respect of today's combined shareholders' meeting. The reports were made available to you by the company and are to be found in the universal registration document. As per usual, I propose to summarize the highlights of these reports starting with our reports on the annual and consolidated financial statements. These reports to be found Pages 424 and 318 of the universal registration documents, contain our conclusion, on one hand, of annual financial statements drawn up under French GAAP; and on the other, the consolidated financial statements in accordance with IFRS as adopted by the EU. The purpose of our assignment is to obtain reasonable assurance that the financial statements are true and fair, and that they do not contain any material misstatements. We kept management Board of your company informed as well as the Audit Committee on the 6th of March 2023 and your Supervisory Board on the 8th of March as to the nature and scope of our work and submitted our conclusions to them. These reports detail, in particular, the justifications for our assessments and the key audit matters in accordance with the Code of Commerce. For the annual statements, these are estimates and judgment for the assessment of certain equity holdings and for the analysis of disputes with foreign institutional investments. For consolidated financial key audit matters, concerns the assessment of certain differences in goodwill that of [indiscernible] Gameloft, analysis of disputes with foreign institutional investors and the difference in goodwill allocated to the cash-generated units, that of Editis. On these various points, we reviewed the assumptions and underlying data, and the calculations of your company and presentations of the uninsured that these estimates were reasonable. We also expressed an unqualified opinion on the annual financial statements of your company and the consolidated financials of your group. Furthermore, we undertook the necessary verifications provided by law and have no observations to formulate on the sincerity and match between the annual financial statements, consolidated financials and information in your management report. As regards the approval of related-party agreements and the third resolution, we issued a special report to be found at Page 455 of the universal document. It sets out the nature and modalities of these agreements as well as the reasons for the company of the contracts that we were informed of or that we saw. During our work in 2022, we were informed of no new agreement authorized or concluded during the past year to be submitted to the approval of this AGM. Furthermore, we were informed of agreements already approved by your AGM that continued the conclusion by your company of a shareholder agreement of UMG as part of the distribution of 59.87% of the capital of UMG to the shareholders of your company by 21st September 2021. And the agreement pertaining to the confidentiality, a mutual cooperation agreement between Vivendi SE and Lagardère with a view to preparing the required regulatory notifications, the public offer for the shares of Lagardère filed by Vivendi on the 21st of February 2022. Lastly, we were informed of an agreement already approved that between your company and Compagnie de l’Odet is part of transactional negotiations with Mediaset and Fininvest. These various reports were signed on the 8th of March. Lastly, your shareholders meeting is under its extraordinary form so that you can form a view on several transactions on the capital of your company. In this respect, we've drawn up 3 reports on the delegation authority, granting to the Management Board to conduct the transactions indicated on screen, 2 reports on the delegation of authority granted to the Management Board to decide on the transaction shown on screen. We confirm that we have no special observation to make on these transactions as we conclude in our various reports signed on the 23rd of March this year. On behalf of the statutory auditors, I thank you for your attention.

Thank you very much, Madame auditor, and I'd like to thank the whole group of auditors. Now I'd like for us to welcome the Chairman of the Management Board, Mr. Arnaud de Puyfontaine.

Thank you, Yannick. Dear shareholders, good morning to you one and all. I'm very happy to meet you, again, for this new AGM at the Olympia. This mythical hall celebrated its 130th anniversary this year. Its longevity, it's belonging into our culture, heritage and its ability to attract the greatest talents is an excellent illustration of the strength of Vivendi and its various businesses. Francois has already commented on our good performance, and in particular, this new year of double-digit growth in our revenue and our operating profit. At the same time, 2022 was a year of acceleration of our strategic project, as Yannick has reminded us. In a few moments. I welcome Claire Leost for Prisma Media, Maxime Saada for Canal+ and Raphaël de Andréis for Havas, who will comment on this acceleration through some striking examples of their respective activities. But before that, what should we remember from this past year for Vivendi, what is our performance of sign of? First and foremost, obviously, I saw the excellent quality of our teams around the world, allow me to thank and congratulate them. Many of our employees are watching us live today. Many of them are in this room. We can applaud them for the remarkable job done. These results also testify, of course, to the solidity of your group in a difficult economic, political and geopolitical context. The war in Ukraine; in France elections, which did not facilitate the distribution of books; inflation, which pushed consumers to make some trade-offs in their spending; the cost of raw materials, which skyrocketed; not to mention the upheavals in the competitive landscape that we constantly have to face in our industries. If we were able to achieve such a performance in such an economic environment or context, it's thanks to several of our strengths, our major strengths. You've observed these major strengths for many years now. Many of you are very loyal Vivendi shareholders. The first of these is our incredible ability for transformation. Canal+ is an excellent illustration of this, Maxime will talk about it. The group has dramatically expanded its portfolio of rights and developed its subscriber base in a very significant way. Another example, Gameloft, led by Alexandre de Rochefort, with Disney Dreamlight Valley released in September 2022, the company made its first foray into console PC gaming. The strategic shift toward multi-platform games will enable us to double the size of the market we address. Partly thanks to this great success, Gameloft's turnover reached its all-time high in 2022. Our new game Disney Speedstorm was just launched. I invite you to check it out, especially if you like -- if you're a racing fan as I am. The second great strength of our group is our quality content in which we invest heavily. The battle for content, in which all the major players in the sector are engaged, is a reality. Having the widest possible offer is an imperative to attract and retain users. In this context, the strategic choice made by Canal+ to aggregate a large selection of content is more relevant than ever before. You will have read 10 days ago, the announcement of Canal+ is a multiyear strategic partnership with a major American player. We'll come back to that later. Studiocanal, already the leading French distributor, also has the largest catalog of films in Europe and is one of the largest in the world. In total in 2022, the Canal+ group devoted EUR 3.5 billion to program financing. The third great strength, the power of our brands, which have stood the test of time. Olympia is not the only very long-standing activity. Havas is approaching is bicentennial. Canal+ has been around for almost 40 years; Prism Media, 45 years. All have proven their ability to adapt and transform to stay the course. This is made possible at their agility, their ability to move on opportunities and innovate. It's not for nothing that we operate in the creative sector. Our last great strength is precisely time. Our long-term vision, thanks to the permanent support of our main shareholder, the Bollore Group, for which I thank all their members present today on behalf of all people who are part of Vivendi. And this long-term vision is also made possible, of course, by your support and trust, dear shareholders. The project that brings us forward, as you know, is one about creating long-term value. The figures are self-explanatory. Look at the change in the share price. If in June 2014, you held the Vivendi share, its value in December 2022 was multiplied by 2.3, with the dividends reinvested over the same period. The CAC 40 corporations with dividends reinvested posted a performance of 1.8%. In total, almost EUR 46 billion have been returned to you, shareholders, since 2014. This long-term vision is obviously our approach regarding Telecom Italia. As you know, we decided in January to leave the company's Board of Directors to be able to devote ourselves freely and independently to our role as shareholders, an active long-term role. This is what we're already doing with institutional representatives in Italy and the various stakeholders to ensure that the real value of the company and its network are well recognized. This ongoing dialogue leaves us very helpful that there will be a possibility of opening a new chapter. And since I'm talking about the future, let's now talk about our proposed June tie-up with the Lagardère Group. To respond to the problems of competition raised in the French publishing market, we decided, as you know, to begin the sale of Editis. We entered into exclusive negotiations -- announced on March 14, we entered into a purchase agreement with IMI to sell 100% of its share capital. Everything is progressing well. If the operation is approved by the European Commission and by the employee representative bodies, the IMI group will have the resources and the ambition to continue to develop and promote Editis. I take this opportunity, as Yannick, did as well, to greet Michel Benbunan, Managing Director of Editis and her team, as well as the publishers, authors and partners of the group. I would like to thank them warmly for the talent with which they have transformed Editis over the past 4 years. It's high-quality work with a real business vision, many developments in the spirit of great editorial diversity. Thank you. At the same time, the European Commission is forcing us to sell Gala. I would like to thank all the teams who made Gala a success. On a daily basis, we will ensure that the chosen buyer has an ambitious project for the brand and will continue its development. The decision of the European Commission is expected for June 14. The merger between Vivendi and Lagardère was approved. We'll have for exciting prospects, as Arnaud Lagardère said, whom I salute, he pointed this out during the AGM [indiscernible] Group on April 18. As you can see, the next few months will allow us to take new steps forward. We look forward to continuing to advance your group and its ambitious strategy of deployment and culture and creation. You can count on us to move forward with determination in the permanent transformation of our businesses, our international growth and the creation of new opportunities, thanks to the reinforced integration of our businesses. As announced, I would now like to welcome Claire Leost, Maxime Saada and Raphaël de Andréis to come talk to us about the project in a very specific way. But before that, a few images that illustrate our purpose: Creation Unlimited. Thank you. [Presentation]

Claire, Maxime, Raphaël, good morning. As I mentioned earlier, 2022 was a year of acceleration in moving forward with our strategic project. Our 3 main focuses are as follows: transformation, internationalization and integration. Raphaël, could you share with us a striking example from Havas?

[indiscernible] please, Arnaud. Now since with Claire and Maxime, we're representing several business lines, I'd like to tell you how we have concretely established stronger links between our business lines. In 2022, we a new agency in France called Havas Play, able to offer to the brands all the unit's know-how in all the various areas of Vivendi music -- storytelling, sports, cinema and gaming, of course. The agencies already had an amazing commercial and creative success, with over 150 awards obtained in just 10 months, which I think underlines the relevance of Havas' unique positioning of the crossroads of advertising and entertainment, especially among the youngest. The vision initiated since we joined Vivendi in 2017, I think now is taking on a new dimension. Moreover, building on the success of this agency, we already rolled out Havas Play in 14 countries in less than a year, a better example of the group's ability for international transformation, thanks to Vivendi.

Thank you. Do you have an example of a campaign, which you could share with us?

Absolutely, Arnaud. I think all of us in the room remember important considerations this winter having to do with energy conservation, Havas, with Vivendi's business lines, found an original and very effective way to encourage the French to change their habits and reduce their energy consumption with the campaign called The Great Shift, which is designed for EDF electricity company. For instance, Canal+ offered free VOD movies at off-peak times. Gameloft also gave additional rewards to Asphalt players on off-times, nonpeak consumption times. Télé-Loisirs encouraged the many users of their application to switch to dark mode, which consumes a lot less energy during high energy consumption periods. The results are spectacular. 22 million users shifted their consumption patterns, thanks to this operation. I believe it's a great piece of evidence that shows them power of influence, the positive impact for and initiatives can have on society as a whole.

Thanks Raphaël, that's a beautiful achievement. It's also a great illustration of Havas' unique positioning within the Vivendi ecosystem I'd like to spend a moment talking about transformation. There's obviously a sector where this is key, the media. Particularly the magazine press. Claire, how has Prisma managed to accelerate its transformation in 2022 and then more specifically in the last few months?

Hello, Arnaud. Hello, everyone. The magazine press is a supply market that's changing quickly, that must constantly be organized and animated. Prisma, as a French leader in print and digital magazines, Prisma Media is at the forefront of this transformation in 2022. This, first and foremost, resulted in a development of a new content in themes, 2 in particular, health, with the arrival of Dr. Good by -- Michel Cymes, completely reinvented by Prisma Media teams, which has met with great success amongst readers. Sales went up by 28% in the second half of 2022 compared to 2021. In 2022, this is the only growing brand in the health press universe in France. Next, I'll mention fashion. I think of the launch just 2 months ago of the French version of legendary U.S. magazine, Harper's Bazaar. Our ambition is to become the editorial benchmark for luxury in France for an audience which has a passion for creation and culture. This launch allows us to enable to enter the world of luxury through the front door, so to speak. And there's real enthusiasm amongst advertising partners. Over 60 trusted advertiser partners have placed their trust in us from the first issue even before they saw the magazine itself. Harper's Bazaar France is a young brand that needs to establish itself now with the general public. It's website and social networks will be very valuable to attract new leaders, especially younger readers. We're very satisfied with the start and we're very confident for the rest of the venture. Congratulations on this very successful launch indeed, which we saw in Q1 '23. Certainly don't hold back on reading magazine. Transformation in Prisma Media has also been digital, where do we stand? It's very important to recall there's Prisma Media is the press group that's been best at doing the digital transformation, if you figures, prove this. More than 1/3 of our turnover is now digital, from the digital world. Our main brands all have leading positions in the digital world, whether you're talking about Femme Actuelle for women, Télé-Loisirs for TV, Capital from finance and then Voici, celebrity press. All in all, over 450,000 videos viewed each month, including 150 million in the social networks, which makes Prism Media number 3 in videos in France after YouTube and Facebook. In 2022, we further accelerated our social network presence with incredible performance in the TikTok network because we're #3 globally in this area, with a strong influence among youngsters 18 to 35.

Thank you very much. Maxime? Canal+ has undergone major change these past few years. Can you tell us more about that?

Thanks, Arnaud. Yes, indeed, during the past few years, Canal+ has had 5 major transformations, shown on screen behind me. Briefly, we began, as you know, managed our cost base, consolidated our costs France. Internationally, France, EUR 1.2 billion. We reduced our cost base by 20%. These new resources were invested in rights, securing high-value rights long-term, be it in sports, cinema, 2 key focus areas for Canal+. Cinema, we signed recently with Paramount Universal and Sony for the long term, giving us access to the movies 6 months after their release. In sport, we renewed the Champions League in certain geographies. Formula 1 through '29. Motor through '29. WRC in many geographies through 2030. Third area, as Arnaud said, Digital myCanal. I know that Yannick is a keen user. EUR 100 million invested every year, presence across 30 countries, whereas the platform was only present in 2 countries. In 2019, we're accelerating 2,000 channels by the platform that allows us also to move to the fourth focus area, aggregation. As you said, we operated a radical shift of the group in 2018. With the aggregation of Netflix and Disney+, we're the exclusive distributor in France and Paramount+ and the deal with Apple signed 10 days ago, that's already a big success. And this aggregation strategy is key for the target of the youth with dedicated offers, dedicated programs who've joined the subscribers in the droves. 100% of the subscriber base was achieved on the under 26-year-old. These 5 transformations allowed us to deliver good results in '22, mentioned earlier by Francois, with 25.5 million subscribers, growth of 1.8 million subscribers and to cross this symbolic mark EUR 500 million EBITDA. This is momentum underway since 2016 to show the increase of Canal across the key metrics. Subscriptions up 75%. Revenue up EUR 500 million. [ EBITDA ] doubled over the period.

Well, that's an excellent transition to our other strategic pillar, internationalization. Can you tell us more about that for Canal+?

Yes, the group Canal is fully part of Vivendi's strategy. The size of our subscriber base and content production. 2016, Canal was present in 14 countries with 6 million subscribers outside France. Today, we're present across 50 countries, 25.5 million subscribers. To rival the global platforms, we target a critical mass of 50 million subscribers midterm. With the support of Vivendi, we're looking at all M&A opportunities. We strengthened our presence and we've taken a stake in multi-choice pay-TV leader in English and Portuguese-speaking Africa with 17 million subscribers and very good geographic fit. We're accelerating on in-house content production, so it's not have to develop and rely on third parties. We're developing our own capabilities. Studiocanal, 13 production companies in Europe, 30 movies produced every year, 30 new series. And beyond Studiocanal, we've accelerated the production of local content in Africa, which is a key territory for us. We're also producing over 3,500 hours of content, film series, shows. We want to accelerate internal production in '23.

Thank you. Let's talk about '23. Raphaël, what will be the major issues and challenges facing Havas?

Well, 2022 was a year of profound transformation for Havas. 2023 will truly be a year of acceleration. Arnaud, you recall that you're a car enthusiast, I'd like to dare the comparison with an engine hybrid, of course, because CSR is at the heart of our convictions. We're off to a great start this year with numerous wins throughout the world and across our business. We're also continuing a sustained pace of acquisitions. Francois mentioned 8 new agencies that joined us. Since January 2, new agencies have joined the Havas teams thereby strengthening our digital and international footprint. And lastly, the power of our engine stems from the development of our world-class expertise, digital experience, e-commerce and content production, of course. So our prime challenge is to make our customers' brands indispensable to support them in their responsible transformation that may contribute and, I believe truly in this, and a positive change of society as a whole.

Thanks, Raphaël. Claire, Prisma Media has demonstrated its ability to constantly innovate. What's in store for the coming months?

Well, for the coming months, I'd like to send a message to the teams of Gala. Gala Is a legacy brand of Prisma Media that reinvented itself. Thanks to a talented team. It's really the pride of our group. As you said, Arnaud, the European Commission compels us to [ sell ] this asset. It's a decision that we respect, but deeply regret. Our priority, henceforth is to support the Gala teams through to the disposal. '23 does, however, offer exciting prospects for our group. We have several major projects on the road map for the coming months. First initiative, we're going to re-enchant our legacy brands, Capital and GEO, working on a radical revamp of these 2 brands and hope to be able to present a new version for each by the end of the year. This reconquest dynamic is part of a wider ambition for Prisma Media become the European champion for desirable media brands. Second initiative, strengthening our brand portfolio. We made a big splash in the luxury press with the launch of Harper's Bazaar in France. It's the beginning of a new adventure, and we plan further rollouts within our Luxury division. We're also going to conquer other thematic territories. We'll be launching by the summer a magazine with an individual recognized in the field of personal development and another around an iconic brand of comics for kids, entering the youth press sector. Third initiative, to continue our digital growth on all our channels, web, mobile, video, social, audio with the new tool artificial intelligence that is already offering many opportunities. Lastly, fourthly and finally, to change our business model with, for example, increased international audience, pay subscriptions or the development of product recommendations towards e-commerce platforms. Great many things to follow. follow closely, because there'll be many developments over the coming months.

Absolutely. Thanks, Claire. Maxime, in closing, a few words about coming developments for Dailymotion.

Well, Dailymotion today has a presence in over 130 countries, [ 400 million ] monthly users in '22, single users against less than [ 300 million ] back in '17. In France, Dailymotion is the leader in video players in the market. Over 90% of French media use it. [indiscernible] Capital to distribute, monetize their video content. 9 out of 10 French users use Dailymotion, which is the largest video audience of a French player. But we're not going to stop there. We're launching a few Dailymotion versions in a few days' time to attract even more users, and especially the under 25. This is a new interface on the screen behind me. New interface, new design, new functionalities and, of course, to support the launch of new ad campaign orchestrated by Buzzman, a great Havas agency.

Thanks, Maxime. My thanks to the 3 of you. Look forward to see these future developments take shape. Thanks to the support of all our shareholders. Well done for everything you've done. And best wishes for 2023.

[indiscernible] Maxime and Claire, we're all, of course, looking forward to seeing these developments take shape. I now invite Philippe Bénacin, Chair of Governance, Appointments and Compensation Committee, to come up on stage.

Good morning to all. I'm going to talk to you about the Governance Committee. Of course, as you know, Vivendi since 2022, has had a strengthened dialogue with certain proxies and various shareholders on this use of governance and compensation in respect of Resolution 5. As stated lastly, we reported in full transparency, the levels of attainment and the financial, nonfinancial criteria, the bonus 2020, Mr. Yannick Bollore as Chairman and CEO of Havas. In the same spirit, the amounts received in the subsidiaries of the group by members of the Management Board, with operational functions at Canal, Havas, Prisma Media and Gameloft, were published in 4 transparency. As regards to Resolution 6, the compensation 2022 of the Chair of the Supervisory Board totaled EUR 400,000, to which has added EUR 60 million of attendance fees. Lastly, Resolution 7-17 concern compensation 2022, pro rata temporis. Depending on the case of the Chairman and Management Board members, it now comprises 4 new members representing the main businesses of the group and 33% women. Under Arnaud de Puyfontaine, the Management Board also relies on an Executive Committee, composed 50% women. As announced last year, the Chairman and members of the Management Board had applied to them the compensation policy for 2022, adopted with over 99% of votes. The bonus for 2022 would total 85% of the fixed portion and subject to your approval as with every year. As a reminder, the compensation policy provides for a bonus of between 80% and 100% of the fixed portion. For 2023, the compensation policy of the Chairman and members of the Supervisory Board remains unchanged as compared to 2022. For the Management Board, we've maintained the improvements introduced several years ago as part of the dialogue with the proxies and advisory shareholders of Vivendi on performance shares. Furthermore, CSR criteria that are differentiated for bonus and performance shares are now fully aligned with Vivendi's low-carbon trajectory recently endorsed by the Science-Based Targets initiative. You're asked also to renew the mandate of Mr. Cyrille Bollore. His renewal would allow the Board to continue to benefit from his experience within an integrated industrial group and his experience in respect of emerging markets. As regards to the appointment of Mr. Sebastian Bollore, we reviewed his candidacy last year and propose the nomination of Madame Maud Fontenoy, because we wish to strengthen the Board's expertise and CSR matters. This year, the appointment of Mr. Sebastian Bollore would meet the expectations of the Board regarding expertise in new media video games, technological changes as well as knowledge of the AsPac region would be precious for the group. Subject to your approval, the Board would remain composed of 50% women and 55% independents. Thank you, all. And I'm pleased to welcome Céline Merle-Béral, member of the Management Board and Head of the HR and Corporate Culture Strategy of Vivendi.

Thank you, Philippe. Good day to one and all shareholders. I'm very pleased to speak before you for the first time as Director of Human Resources, Strategy and Corporate Culture of your group. This is a group focused on creation and talent. These are Vivendi's most precious assets. My objective here is, therefore, to put talent and corporate culture at the heart of Vivendi's 3 strategic pillars: internationalization, integration and transformation, as Yannick Bollore said a few moments ago, and to contribute to making Vivendi an attractive, responsible business group, which is very much in line with the future of creative businesses. First of all, to talk about internationalization. It's both a reality and a sustainable objective that we've set for ourselves. As you can see on the screen, and as Francois Laroze already explained in detail earlier, we are represented in 79 countries on 5 continents. In 2022, 30.6% of our workforce is in France or more than 2/3 of our force is outside of France. We continue to recruit and to grow, with an increase in our workforce of nearly 2,500 employees in 2022 or plus 6.7% compared to last year, most of whom, over 6%, are from the international sector. Mobility is a strong expectation and true sense -- a true source of wealth for the group. We have a digital platform called in Vivo, which enables all of our employees to access a large number of vacancies, job offers from all of our businesses worldwide. To facilitate international mobility, among other things, we're setting up a dedicated HR expertise center to support the teams and best organize this mobility. Second pillar, I'd remind you, the transformation of our businesses is a strong HR challenge because this type of transformation cannot take place without being forward-thinking, agile and without the strong expertise of our teams. As you see illustrated by turnover rates, every year, we welcome numerous new employees, particularly in the United States and in Asia Pacific, and particularly at Havas, Gameloft and Canal+. These subsidiaries have the highest turnover rate, 24.6%, which is explained by the geographic location and by the fact that nearly 11% of their workforce are under 27 years of age, especially at Havas and Gameloft. These new talents, bringing new culture and expertise that enables us to evolve and move forward. The hybrid world has also deeply transformed our methods of collaboration and even our relationship to work. This is a change, which we've had to adapt to quickly. Vivendi has chosen to generalize as much as possible remote working which has now been established for nearly 80% of our workforce worldwide with an average of 2 days remote work per week. So we make sure we're taking into account both everyone's expectations and the need to really nurture social links. Because this link, we're convinced of it, is essential to create the important sense of belonging, to give meaning and fulfillment to employees to enhance their performance and their job satisfaction. We're also changing our working spaces to be in line with people's expectations and have collaborative spaces that are better adapted to new users. Your company is a group on the move. It is, therefore, necessary to constantly train people in our businesses and their developments. Business changes are quicker all the time. We address some hard skills, business skills, also knowledge, how to speak, how to adapt, that's called soft skills. We also work with new ways of collaborating and managing in this hybrid world, which has been imposed on us all. But beyond training that we rolled out in the field by our subsidiaries thanks also to our e-learning platforms in which we invest heavily, which are nourished by our experts and our partners, that we can meet both individual needs and broad training needs, and we use the advantages of remote learning many times. New employees, regardless of the subsidiary they've become a member of, bring in new culture and new expertise that we have to know how to integrate surrounding common values and problems, issues for tackling. Vivendi has implemented programs that bring together talents from all entities, all this 3 of them. They've existed for several years now and are constantly being adapted. Firstly, the Vivendi Learning Expedition, which aims to connect key leaders and develop them around the strategic issues for our businesses, activate collaborative intelligence and prepare them for the transformation of our business models. The second one is the Andiamo program. It supports women in their careers and their development within Vivendi, and in which the Management Board is directly involved. Lastly, the program called Colectivo, which is for men, this time, and aims at the development of enlightened leadership for even more inclusive organization. New programs are being developed now on ethical and responsible management. It's important to have a combined impact and performance and take into account the multiple consequences of AI and data on our jobs, skills required for tomorrow as well as our daily uses. Integration also has to do with our trainees and interns who are our future employees. Their expectations are very specific. And we've created Gabereek, which is a unique program of augmented apprenticeship around digital skills with 25 partner schools. This program offers varied missions within different group entities associated with the integration policy to promote the greatest social diversity. Finally, and I'll end with this. It's important that Vivendi is able to promote its purpose, Creation Unlimited. It's driven by this ambition that we organized the first Vivendi Talent Show. This event, which is extremely important to us, is aimed to strengthen cohesion, highlight and celebrate the hidden skills of our talented people and nurture their sense of pride. Every Vivendi employee in France, who so desired, was able to apply to express their creative talent. The selected finalists are coached and supported to participate together in this magnificent space on June 6 on this wonderful stage. We're proud to be nurturing Vivendi's commitment in favor of artistic creation and to reveal our talents. Thank you very much for your attention.

Thank you very much, Celine. Let's return in greater detail in the segment that's close to our hearts, our group engagement in terms of environmental and societal commitment. As I said at the outset, I'm a profound believer in our CSR transformation. And this CSR transformation will be a significant impact for businesses, as the IT transformation was back in the '80s of the digital transformation back in 2010. We're conscious of our obvious influence and the impact of the content we produce. It's responsibility that compels us now for some 20 years. Under the supervision of the CSR Committee of the Board, I would agree it's Chair and members Paulo Cardoso in attendance.

Since 2020, we've been rolling out our CSR program creation for the future, setting out 3 broad priorities. First of all, contribute to curbing global warming. Secondly, inspire change. And lastly, to seek to promote a more inclusive world. Our focus is essentially our climate strategy, but I would like to on a topic that is dear to me. Those of you who know me knows that I have 4 daughters. I'd like to talk to you about gender equality. Last year, we took before you the commitment to go even further in this year. I'm very pleased to announce that the target set have been reached in terms of professional equality. We have to hail the work of our businesses for the most time -- part -- obtained a score higher than 85 on the Professional Equality Index in France in 2022. Feminization of governing bodies also continued to make strides in the group. 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. Let's return for a moment. to the core of my intervention, our climate strategy. We're obviously aware that we must do our bit in the fight against global warming. And that's why we pledged, back in 2020, with the Science-Based Targets initiative in order to take engagements aligned with climate science and the Paris accords. Reduction plan for our emissions had to be -- was validated in March this year, we had to wait a bit, and is now the framework within which we will act to cut our greenhouse gas emissions. The group's decarbonization targets on scopes 1 and 2, that is energy-related emissions, are aligned on a trajectory, making it possible to reduce and limit global warming to 1.5 degrees. We plan for a reduction of 71% in our emissions by 2035 if we compare them to the baseline year 2018. And we will be continuing and strengthening the energy conservation measures put in place within the group and promote the use across our facilities of electricity from decarbonized energy sources. In regards Scope 3, which is I would say, more complicated, we pledge both to reduce by 43%, still before 2035, emissions relating to our group's operations, such as waste, business, travel, freight, both upstream and downstream. But we plan to reduce by 21% emissions linked to our businesses, and in particular, those linked to rented or leased products and services. We've already found innovative solutions. I'm thinking Maxime, the new Canal+ set-top box will have -- that has a reduced carbon footprint of 40% and software change that will reduce power consumption by 65% over the previous generation. The deep-sleep for the set-top box, while it remains connected, we're also pledging with our suppliers in terms of our emissions to make sure that 85% of our suppliers have decarbonization targets by 2026. And as shown here, on the slide and see the initial results, Vivendi has reduced 10% its greenhouse gas emissions last year on scopes 1 and 2. Over the previous year, 37% of energy consumed worldwide comes from renewable sources. And all our actions for the environment have been recognized by the CDP, Carbon Disclosure Project, an international standard setter in terms of business green rating, and you see the A-. We won the notches in the rating and we're above the average -- the global average in this regard. These results were also secured thanks to the role that the group plays in supporting environmental and social transition through our core business, which is the production and delivery of content over 130 films. You see some posters, documentary series on the environment are available and you can find those on the -- myCanal [indiscernible] of your favorite app. Prisma Media, for its part last year, devoted over 68 of its magazine covers to environmental matters, and Havas delivered over 150 pro bono campaigns for major causes. And lastly, I'd like to tell you that it's the first time in the history of our group becoming the main media partner of the vessel plastic odyssey. All our businesses have chosen to pull their efforts to support a cause over the long term and worldwide, the fight against plastic pollution of oceans. The results are tangible. And of course, they encourage us, and you can count on the mobilization of one and all at Vivendi to continue to step up our efforts. Thank you.

And now let's move to the Q&A session. The lights are on in the room now. Maybe first of all, Frédéric, could you begin with the written questions we received?

Yes, thank you, Yannick. This year, we received 2 sets of written questions from 2 shareholders, the Association Forum for Responsible Investment, FRI, and from [indiscernible], individual shareholders. These questions relate to the environment, social and governance issues as well as returns to shareholders in the form of share buybacks and dividends. Some answers to these questions were already provided during the presentations at this AGM today. You'll also find online, as always on our website under the heading General Meeting, all of these written questions as well as the detailed answers decided by the Management Board in application of legal and regulatory provisions. Thank you very much. Now we're going to begin hearing questions from the room. Before taking the first question, I'd like to pay tribute to an individual shareholder, whom you know well, Mr. [ Roger Tran ], who attended all the AGMs of Vivendi Group, Bollore Group, Havas Group, when Havas was listed in the stock exchange. I'm very sad to announce to you that Mr. [ Tran ] left us 2 months ago. So on behalf of us all, I think we really pay tribute to him. Questions from the room. Should we begin hearing from the shareholders committee?

Good day, Mr. Chairman. I'm [ Chantal Abergel ] member of the Shareholders Advisory Committee. Three brief questions, if I might. Over the -- and that be in publishing, what's the influence going to be on group activities? What about new technology? Could we get information on new tech?

Thank you. On AI, maybe Arnaud will talk about publishing specifically. Clearly, AI is a very interesting tool for several years now -- many years now, the group's been using artificial intelligence in most of its business areas. Think of myCanal, the recommendations algorithm makes great use of AI. We mentioned Prisma Media. Claire talked about AI earlier, which is already being used in the business area. Havas also uses AI, a great deal. The game changer today is generative AI. Like any innovation, any breakthrough innovation in this area of AI are 2 ways of viewing this type of breakthrough. You can see this disruptive innovation as is often termed. You can view this either negatively thinking this is going to change things, this might destroy jobs, might make for a major change, we need to worry about this or you can view it differently. And this is how Vivendi have used this and how we tackle innovation. We very much accept welcome this type of innovation to see how it can support us, help us push forward even improve more on productivity, content and provide even more entertainment to our consumers and customers. There's no doubt about it. I really don't believe AI is going to replace our employees. No, I believe. Employees that use AI will replace the employees, they don't, if I can put it that way. Arnaud, would you like to talk to us about publishing?

Absolutely unique, publishing an excellent illustration of a point you just made. Artificial intelligence, no doubt about, it's going to cause upheaval in transform, I should say, it's going to transform some of the organization of a group such as Editis and publishing businesses, generally speaking. And also at a point, intellectual property, IP, authors with the support of their publishers have the ability to produce top-notch works. And this is unique. This is something we'll be developing further. We'll be protecting this. The AI component will be one element, which will be part of the transformation process in the way we organize and produce works. But this will in no way jeopardize the essence of these business areas, which is editorial creativity and the talent of all the authors.

Thank you very much, Arnaud. Next question, the person over there.

Good morning, Chairman. This is [ Hush ] of the Association for Individual Shareholders. First of all, I'd like to point out to you, all of us here, our shareholders, our responsible shareholders, we all come here using public transportation to help you under Scope 3, I'd mention. But anyway, I have a question or 2. First of all, you have a 3.0 Web director that was back in September '22. They took them on board. What are your targets in the Metaverse, even though we all prefer having an in-person Annual General Meeting. Next question, you and rightfully so observed that employees that use -- I don't like artificial intelligence. I prefer to call it augmented intelligence will be the employees that replace the employees that don't use augmented intelligence. Will this also be the case at the Executive Committee and the Board of Directors?

Thank you very much for the question. Well, two questions actually on innovation. First of all, to answer the last question you raised, I believe it's the task for any manager or any person who's a member of the Executive Committee or the Board of Directors, managers in the various business lines in France and worldwide, it's up to all of us to keep abreast of the most recent innovations. Often in the past, in some companies, when there were major innovations, for instance, smartphones, social networks, Web 2.0 or even Web 1.0, people sometimes thought, "Oh, this is a new thing for young people, and the less young people kept their all-timer tools like they'd used when they are at school." It's precisely the opposite now. I believe that every single time of your life, you've got to be curious, you've got to be able to question how you do things. We have someone present here in the room, Jacques now entering his 90th year, I'm saying, he is able to say because he wrote a book on this, on the age factor. And he amazes me, to see his great interest in innovation and technologies. One of the biggest users of Snapchat and TikTok, maybe not yet the Metaverse, but I know this guy is on Avatar. So again, to answer your question, absolutely, every member of all Management Committees worldwide must keep abreast of all have the new technology. For that end, I use my chat -- I use ChatGPT to help put together my speech for this morning. I'm joking, that's a joke, obviously. Of course, it might have been better if I had anyway seriously though. To answer regarding the Metaverse and Web 3.0, these are very exciting subjects. Web 3.0, what's this going to lead to? Particularly by using blockchains, something that's already being used in a lot of our business lines, the blockchain technology so that you can record transactions in IP through blockchains. The group needs to go further, and this is particularly why in our innovation department led directly by Arnaud de Puyfontaine and [ Felicia Hertzog ] and the Executive Committee, they have Web 3.0 experts. Also, we bought some land in the Metaverse and Sandbox. And I think in the near future, there's going to be Vivendi Villa for Arnaud. I don't know how they are going to be doing there exactly. But at any rate, we certainly exist there, we're investing money on this. Francois Laroze bought the land intelligently, put it in -- booked it under OpEx and not CapEx. So it's expensed. So we're very much abreast of new technology and keeping in touch with the future technology as well. Thank you for the question.

Next question from over there, please.

Good morning, individual shareholder. Good morning, Chairman and ladies and gentlemen. My question concerned Canal+. I've been a customer of many years, very satisfied for the broadcaster Formula 1 races. I have the Cube set-top box connected to my antenna and I can record shows and make private copies on DVD, and it's recorded to my DVD player. I'm also connected to the Internet using my SFR box. So for several months, I've been contacted consistently by Canal+ CRM to replace my Cube set-top with the new gee which can only operate with a dish antenna, was even sent this set-top box without my agreement, so I didn't go and collect it. Question, is it correct that the Cube set-top box is going to become obsolete, no longer operate? If that's the case, how can I still benefit from the recording function without a dish antenna? I'm in a building where we cannot install a dish antenna?

Thank you for your answer. Thank you. Well, to answer you, I'm going to hand over to Maxime Saada.

Thank you for your loyalty to begin with. I'm delighted that you like Formula 1 racing. We've secured it until the end of the decade. So we're in a good spot. There's no expiry date on the Cube set-top box. So no worries. There's no hard drive solutions because most of our customers prefer to consume on demand. And there are, of course, customers who like to record via the Cube. I'm sorry that you didn't go and pick up the set-top box and it was sent to you without your agreement, but I recommend you test it. It's truly revolutionary and far more compatible with the new CSR standards mentioned by Yannick. Thank you.

So the Cube is not obsolete. Thank you for that. There was a question from the gentleman over there.

Good morning, shareholder committee, two questions. Can you comment on your share price performance since the start of the year versus the CAC 40 benchmark? Second, some information regarding the impairment of EUR 300 million in Editis?

Thank you. Well, on your first question, Arnaud in his presentation earlier record the share price performance. It wasn't since the start of the year, but it was over the past 9 years. Twofold increase, outperforming by 50% the CAC 40, 1.3% versus 2.8%. Since the start of the year, the share price, I think, is up 10% since the 1st of January, slightly below the CAC 40 benchmark because I saw recently that the CAC 40 was up 16%, but the CAC 40, that's due to strong presence of Luxury groups that, of course, outperformed since the start of the year. A satisfactory increase even if it's slightly below the benchmark index. And just to answer your second question on the impairment. Do you want to say what about that?

Yes. This write-down is an accounting obligation because Editis is considered as an activity being sold, and it's based on the recoverable value Editis that was marked to market minus the transactional cost. So it's a technical transaction. But adding some quality items we announced the decision to see the Editis last July, it's a group, as you know, was in a context that was a challenging one because of the economic and political environments. And against that backdrop, the fact that we were constrained to sale doesn't facilitate the process in the valuation. Editis 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 2022, that was challenging and that we weren't able to derive the best value from it. I repeat that this company is of great quality with wonderful publishing houses, writers, with a remarkable setup. And I've no doubt that once we get the European authorizations and from the employee representative bodies, the next shareholder will add in continuity with what Vivendi has done and continue to expand that group. That's the reason for that very specific situation of Editis and its impact on our financials.

Next question.

Yes. Good morning. I represent the Mutual Fund. By June, we expect to obtain a green light from the European Commission on the combination with Lagardère. Could you go back over the cooperation and synergies that you foresee between Vivendi and Lagardère? I thought agreement is secured soon.

Thanks for your questions. Well, 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. Well, rather the correction, the response is expected by -- on the 14th of June. 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 2 groups with the initial ambition that we communicated on for the first time back in 2019 and Editis and to create a world publishing champion Lagardère his world's #3 present in the U.S., U.K., Spain, #1 in France. 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. 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. And lastly, to enter a new sector that of travel retail, and you've seen the results that were reported by Lagardère. On the rebound, we hope it's about 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.

Next question, please.

I'm an individual shareholder. Good day, Chairman. Good day to you all. I'm very pleased -- I'd asked you this back in 2019, asked about Dailymotion. I'm very pleased to see there's now a strategy to develop Dailymotion in this business, but I've got questions on other points. I'm equally pleased Mr. Chairman that you reminded us that, it's not just about economics, it's also about politics and social considerations when you're active in the area of culture. 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. In 2019, that was the last year, I was -- had an opportunity to attend this AGM. And I can remember, it was in April -- it was April 15. April 15 reminds us the terrible event, which was the fire of Notre Dame Cathedral that we found out that we left this room back then. So now, that's about stock taking. My question, Vivendi as a player in area of culture, as Vivendi played a direct or indirect role in restoring and rebuilding the Notre Dame Cathedral. Second point, culture. We can say that there are trends today. And I'm wondering, Vivendi as a publisher, do you have a position on these changing trends? I haven't seen an idea of rewriting certain books that contain some -- where they are not considered to be PC. My question is, do you think we should remove inappropriate -- set of appropriate words from books published by Vivendi or subsidiaries? And last point has to do with your earnings. Negative results, as you explained very well. Why? I understand very well in spite of all you are paying out a dividend, it would be a bad signal to be sending the markets otherwise. My question is, though, wouldn't it have also been possible this year to propose to shareholders an option payment of dividend and shares that would have been made it possible for people to take payment dividend issues that could help you in your reserves? Would that not have been an option? So these are the various questions I had. Thank you for any answers you made.

Thank you for those questions. First of all on the Notre Dame Cathedral I also think back to how I thought 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. We have participated the Havas Group, organized a lot of fund collections and pro bono communication tools. These are types of things that we can do. I remember very well, just a happy group employees were who were involved in the work of helping, joined in rebuilding this cathedral through their own contributions. We should -- now on results, we wouldn't say losses, but it's due to an impairment in our books due to Telecom Italia. This impairment didn't have any impact on our share price when it was announced. You, shareholders and the analysts, understood full well the value of Telecom Italia. It's a company that's listed on the stock exchange. So everyone knows this value. I'd also like to specify the share price between the impairment when December and today has gone up. So the group continues to be a sound one and generating significant positive cash flow. On cancel culture, let's comment on that or no -- I don't have to. We respect the original works. Editis in its editorial diversity respects all points of view in editorial creativity. Sometimes people say things -- right things about our group and the way we operate or how we do things. Sometimes we read things, people talk about censorship or interventionism, that's not the case. Editis is a group with 53 publishing houses. It's legacy. I think of Julliard, Robert Laffont, [ Scharschmidt ] I'm not going to list all of the different publishing houses. But my point is we're very attached to Editis editorial content and respect of works of art. I'd also add a point that relates to your first question to build on Yannick's answer. Editis took various initiatives to republish books pertaining to Notre Dame. And the proceeds of these were to provide funding for the reconstruction of the cathedral. Absolutely, thank you for mentioning that item.

Go ahead. Next question.

Since the sale of Universal Music Group, well, the shareholders worth EUR 14, if memory serves. Now it's not -- in spite of at all, gone down under EUR 10. What strikes me is that it's been having around EUR 9.30, EUR 9.40 and EUR 9.60. And I think it's been held back. Is this in any way due to the fact that Bollore wants to retain 60% of Vivendi's stake and then launched takeover bid cheaply or am I mistaken? As I see it, the share price is being held back. For that reason, it's a shame for shareholders. I hope that's not the case, though.

Thank you for your question. During the spinoff of UMG in September of '21, I believe their share was worth EUR 11, if my memory serves, right. Arnaud, it's around EUR 11. The shares around 10% under that amount. Now if you look at the combination of UMG plus Vivendi, if you kept UMG shares that were given as a dividend is over EUR 30. So it's well above Vivendi's share price. After the spinoff, I think it was around EUR 28. The share tend to be around EUR 25 to EUR 20 in the 2 previous years. Now about the question regarding Bolloré Group. I'm speaking here as Chairman of Vivendi Group. I encourage you, of course, to ask that question during the general meeting of the Bolloré Group, which will be taking place in the near future. I use the opportunity as Arnaud did during his presentation to thank the Bolloré Group. It's been a strong shareholder, a loyal shareholder, enabling us to move forward with the long-term policy. They assist us a lot in their decisions and they create value for the long term. Regarding the share price, it's true our share price is suffering from a major discount, is trading at a discount, and that's why our strategic plan I think it would make it possible to bring up the share price all the while bringing up the valuable assets, helping them transform and streamline and also by reducing the discount through integration to prove in no and certain terms to the market that our business lines when they're pulled together, when they become part of a new group and pull together as stronger than if they remained a stand-alone. That's precisely why the integration project, which is so very important to us. So what I can say to you is that there's no doubt about it. We're highly focused at the Supervisory Board, the Management Board, all the Executive Committees group-wide and throughout the subsidiaries to increase the value of the share price for the sake of all shareholders and all stakeholders more broadly. Vivendi employees are major shareholders of this group. So we're highly focused on this task.

Next question, please.

I'm an individual shareholder. My question concerns the dividend. Some answers have already been provided. I was just saying to myself that 2.5% return yield was not even the rate -- interest rate on a savings account. I thought that your group might do a little effort in spite of the negative result.

Thank you. We've noted that 2.5% remains a yield that, of course, the past few months with inflation, things have changed. But the return is -- I won't repeat what you are saying, but I hear what you say. I've taken note of your question. Thank you.

Next question, please.

I was a Lagardère shareholder, and I've been your shareholder for 9 months now. I've not been able to use my share? When do you plan to pay us? That's my question. You took the subscription warrants of Lagardère. When you did the takeover for 9 months, I can't use one. I've not been able to use my shares now since the public share offering.

So 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. I think that would be the best thing to do. There may be a confusion. Francois, would you just like to recall the principle of the -- with the equity warrants, Vivendi holds just under 58% of Lagardère. There are a number of session rights grounded to all shareholders for about 22% of the share capital of shareholders who've taken these session rights can exercise them up until the 15th of December in order to recover EUR 24.10, which was the strike price. So by the 15th of December, we'll know the final percentage of Vivendi stake in Lagardère, which will be between 58% if none of the holders exercise their rights and 95% if all holders exercise their rights. But don't hesitate to come and see us after this meeting. There may be certain specific cases.

Next question, please.

I thought you were going to miss me like last year. Apologies for putting a damp on your -- all your optimism. If I could just compare the results over the past few years, just to highlight things, the CFO gave us not a reported result but an adjusted net income up 19%. That adjusted net is not an accounting result is what I call an economic. It's restated or has been adulterated. It's the one you gave us several -- for several years. Last year was special. You gave us a reported basis orally. And on screen, it was easy because I date 2021 versus '20 that was better, it was difficult for us, and it was catastrophic for a great many companies as the analysts and financial -- the base effect, the comparison base was comparable. If I take the figures published on Pages 292 and 330, you have a net income and net income group share that falls EUR 25 billion down to EUR 1 billion, but not EUR 1 billion positive, but negative you mentioned if you didn't give the figures, EUR 1 billion in losses followed by result per share and diluted result of EUR 1 negative. We're losing EUR 1 per share. And as to the dividend, while it follows, as we mentioned, EUR 0.25 stable, but that 2 years that are below and way below the 4 dividends of the 4 previous years that were EUR 0.45, EUR 0.50 and twice EUR 0.60 respectively. My questions are following. Before asking my question curiously, at the bottom of the income statement, you put another an adjusted net income, Mr. CFO, down 44%. So there are 2 adjusted results, one positive and negative. Here's my question. Why all businesses are working or yielding opposite the operating statement, revenue, EBITDA and EBIT, and all the financial portion is negative. I know you mentioned the impairment of Telecom Italia, but it doesn't account for everything. It's about EUR 300 million, EUR 400 million. A lot of lines in the financial section are negative. And my impression is that its financial mismanagement that doesn't date from today and that wipes out all the good results of the upper part of the balance sheet and the business segments. So I hope your answer won't be too complicated so that I can understand. I'm not an account, and as well as my fellow shareholders.

Well, that's a challenge set out for our CFO. It's true. It's a complicated exercise after 2021, which generated an exceptionally high income of over EUR 20 billion with a portion that was significant linked to the UMG transaction this year. Put simply, we have an accounting loss of just over EUR 1 billion, and we presented the result in the slide. On the 8th of March, we presented all the consolidated financials on this slide, a -- income at minus EUR 700 million, all the negative impacts of Telecom Italia, not EUR 300 million, but EUR 1.7 billion. So if you go to plus EUR 600 million and you incorporate the minus EUR 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 -- positive with the FLE Banijay transaction generated over EUR 500 million, but also negative with the provision on Editis. Since you've asked me to be straightforward as possible, we have an adjusted income plus EUR 600 million and an impact of Telecom Italia write-downs. And as Yannick recalled, these are book impairments largely incorporated in the Vivendi share price because we're listed, everyone can determine the true value of TI in the Vivendi accounts. It wasn't a surprise for shareholders, but that was the book impact in the accounts.

One final question perhaps for the vote on the resolution from over there.

I'd like to begin by thanking Mr. Sigler for his excellent interventions on the TV show that seems to be on the rise. Two questions. The first is question regarding the licenses, Paddington, Shaun the Sheep, that can be rolled out in magazine TV series, what's the situation? We discussed it 2 or 3 years ago. We don't have strong iconic licenses the Vivendi go, that's my first question. The second question is for Mr. Bollore's concerns the sale of Bolloré Logistics to Africa that might serve to -- for a delisting of the Vivendi stock.

Well, thank you for those two questions. Well, on the second, I've answered that partly earlier. I'm speaking here as a Chairman of Vivendi's Supervisory Board. So I invite you to put the question to Bolloré Group directly. And to repeat how much the support of Bolloré Group is vital on Paddington? I'll let Arnaud answer. But since the last AGM, you may have seen something amazing, the Queen's -- Queen Elizabeth's, the second Jubilee who received Paddington for tea. You'll find the clip on the net generated a lot of sales of cuddly toys. Have you got, Arnaud, anything to add?

We've got a lot of initiatives within the group, ensuring that the businesses work together to create value, be it with Gameloft, Prisma Media, Canal+, of course. Do we have any striking illustrations at Paddington to date? It's not the case Paddington that we own, but we're creating conditions that will gradually allow us to generate these assets. So to answer your question, it's work in progress. 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.

Lastly, before voting on resolutions, Maxime, would you like to make a point?

Thank you. Just to say, Paddington 3 has been announced. It's going to be filmed in Peru. The biggest production of Studiocanal ever under and you can -- I know it's impetus, we're going to do franchises a priority for Canal+ with the announced launch of series and various other franchises that are related. I also want to mention Alibi.com 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.

One last question by this gentlemen, then we'll stop the questions. It's already 12:15.

I'm an individual shareholder. I've got two questions. Firstly, the asset impairment of Telecom Italia, were there mistakes of analysis? If so, which mistakes by the Vivendi Group? After all, we're talking about very significant losses. And then another brief question on this. Diversification, was this diversification necessary for the group? Secondly, possible hacking Canal+. How much would the loss be due to code sharing -- password sharing? And what measures are you taking to counter that?

Arnaud and Maxime, coming on hacking.

Thank you, first of all for that. TIM is a wonderful company. We became a shareholder in 2015. That's when we sold our GVT activities. That was a wonderful divestment. We became owner of stake that Telefonica held in Telecom Italia. Then we increased this because our view was the company had potential for growth, had no main shareholder and in a country which is very similar culturally to France, the business project of Vivendi meant we had to develop activities in Vivendi. It turns out that you're absolutely right so far so the venture certainly has been not been a business success. There have been several hiccups that often happens in your developing business. There was a problem due to issues with Mediaset Group. That's now been settled, and we have a very good relationship with them, but that did create some difficulties for a while. There was a business problem with the launch of the competitive network by open fiber in a day that didn't make things easier either than there were other events. I won't go through all of them. Yes, this year, we decided to deconsolidate Telecom Italia and take the economic impact, as Yannick rightfully said a few moments ago. The basis for this revaluation, if I can term it as such, the valuation of our activity as in December '22, share price now is higher. We are an active shareholder there. So strategically, Italy is part of our objective. Secondly, this is a story that goes back a fair few years now. We continue to be convinced that we will be able to make a success of this, be an active player in the next chapter, which is being written gradually so that the valuation of the stake in TI will be greater than it is currently. That's what we intend to do. This is a great illustration, I think, of our long-term view with the support of our shareholders. And our view that Italy is on our path. Here, we're in an unusual situation. We very much intend to turn this around. Together remember Vivendi team members are working very hard on this and with great conviction.

Thank you, Arnaud. Maxime on hacking.

Yes. It's a scourge. It's an important subject for Canal+ in all geographies where we run businesses. Password sharing, we've got offers and we've got possibilities for people to share their passwords fully legal either. Now this -- one of the subjects, I'm member of association called [ Lapse ] that tries to fight hacking of misuse of sports rights. Various initiatives have been taken in this area. So every reason to think we will manage to cut the impact of piracy in the coming years.

Thank you, Maxime. Thank you for the questions. Let's now begin voting on resolutions. I'll give the floor to Frédéric Crépin.

Thank you, Chairman. First of all, I'll give you the final quorum. 69.89%, so we can begin voting. I'd remind you, we have 32 resolutions which are submitted for your approval presented by Management Board and Supervisory Board. As every year, the voting system is electronic. In the event of a technical failure, you'll all have a -- you already have a card allowing you to switch if necessary to manual optic voting. [Indiscernible] officers of the court will draw up minutes and ensure smooth running the ballot. You'll have 3 buttons to present your vote, press 1 in favor, 2 against and 3 abstain. And then you have to press, yes. First resolution, approval of the annual reports and financial statements for the 2023 financial year, please vote now. [Voting]

No further voting. First resolution is approved. Second resolution, approval of the consolidated reports and accounts for 2022 financial year. Please vote now. [Voting]

No further voting. Resolution 2 is approved. Third resolution, approval of the statutory auditors' special report on related party agreements. Vote now, please. [Voting]

No further voting. Please vote now. No further voting. The resolution is approved. Fourth resolution, allocation of income for the 2022 financial year setting of the dividend and its payment date. Please vote. [Voting]

No further voting. Fourth resolution is adopted. Fifth resolution, approval of information mentioned in Article L.22-10-9 I. of Commercial Code included in the corporate governance report. Please vote now. [Voting]

No further voting. Resolution 5 is adopted. Sixth resolution, approval of the elements composing the compensation paid or awarded in 2022 to Yannick Bollore, Chairman of the Supervisory Board. Please vote now. [Voting]

No further voting. Resolution 6 is adopted. Seventh resolution, approval of the elements composing the compensation paid or awarded in 2022 to Mr. Arnaud de Puyfontaine, Chairman of the Management Board. Please begin voting. [Voting]

No further voting. Seventh resolution is adopted. Eighth resolution, approval of the elements composing the compensation paid or awarded in 2022 to Mr. Gilles Alix, member of the Management Board. Vote now, please. [Voting]

No further voting. Resolution 8 is adopted. 9, approval of the components of compensation and benefits of kind paid during or allocated for 2022 to Mr. Cédric de Bailliencourt, Management Board member. Please vote now. [Voting]

No further voting. Resolution 9 is adopted. Tenth resolution, approval of the elements composing of the compensation paid or awarded in 2022 to Mr. Frédéric Crépin, who is truly a member of the Management Board. Please vote now. [Voting]

No further voting. Resolution 10 is approved. Thank you. 11th resolution, approval of the elements composing of the contribution paid or awarded in 2020 to Simon Gillham, member of the -- previous member of the Management Board. Please vote now. [Voting]

No further voting. Resolution 11 approved. 12th resolution, approval of the elements composing of the compensation paid or awarded in 2022 to Hervé Philippe previous member of the Management Board. Please vote now. [Voting]

No further voting. Resolution 12 approved. 13th resolution, approval of the elements composing the compensation paid or awarded in 2022 to Stéphane Roussel, previous member of the Management Board. Please vote now. [Voting]

No further voting. Resolution 13 is approved. 14th resolution, approval of the elements composing the compensation paid or awarded in 2022 to Francois Laroze, member of the Management Board. Please vote now. [Voting]

No further voting. Resolution 14 is approved. Resolution 15th, approval of the elements composing the compensation paid or awarded in 2022 to Ms. Claire Léost, member of the Management Board. Please vote now. [Voting]

No further voting. Resolution 15 is approved. 16th resolution, approval of the elements composing the compensation paid or awarded in 2022 to Céline Merle-Béral, member of the Management Board. Please vote now. [Voting]

No further voting. Resolution 16th is adopted. 17th resolution, approval of the elements composing the compensation paid or awarded in 2022 to Maxime Saada, member of the Management Board. Please vote now. [Voting]

No further voting. Resolution 17th is adopted. 18th resolution, approval of the compensation policy for the Chairman and members of the Supervisory Board for 2023 financial year. Please vote now. [Voting]

No further voting. Resolution 18th is adopted. 19th resolution, approval of the compensation policy for the Chairman of the Management Board for 2023 financial year. Please vote now. [Voting]

No further voting. Resolution 19th is approved. 20th resolution, approval of the compensation policy for members of the Management Board for the 2023 financial year. Please vote now. [Voting]

No further voting. The 20th resolution is approved. 21st resolution, renewal of Cyrille Bolloré as Chairman of the Supervisory -- as member of the Supervisory Board, sorry. Please vote now. [Voting]

No further voting. Resolution 21 is adopted. 22nd resolution, appointment of Mr. Sébastien Bolloré as a member of the Supervisory Board. Please vote now. [Voting]

No further voting. Resolution 22 is approved. 23rd resolution, renewal of Deloitte & Associates as statutory auditor. Please vote now. [Voting]

No further voting. Resolution 23 is approved. 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. Please vote now. [Voting]

No further voting. The 24th resolution is approved. 25th resolution, authorization given to the Management Board to reduce the share capital by cancellation of shares within a limit of 10% of the capital. Please vote now. [Voting]

No further voting. The 25th resolution is approved. 26th resolution, authorization to be given to the Management Board to make it public buyback offer to all companies' shareholders within the maximum limit of 50% of the capital and to reduce the share capital price of maximum redemption EUR 16. Please vote now. [Voting]

No further voting. 26th resolution approved. 27th resolution, delegation granted to the Management Board with the view to increase with preferential subscription rights for shareholders the capital by issue of ordinary shares or any securities giving access to the company's capital securities within the limit of the ceiling of EUR 600 million nominal. Please vote now. [Voting]

No further voting. The 27th resolution is approved. 28th 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 EUR 300 million nominal. Please vote now. [Voting]

No further voting. Resolution 28 is approved. Resolution 29, delegation granted to the Management Board to increase the share capital without preferential subscription rights for shareholders within the limits of 5% of capital and ceiling provided under the terms of the 27th resolution of this general meeting to remunerate for contributions in kind of equity securities or securities giving access to equity securities of third-party companies outside of a public exchange offer. Please vote now. [Voting]

Resolution 29 is adopted. 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 preferential subscription rights. Please vote now. [Voting]

No further voting. Resolution 30 is adopted. Resolution 31, delegation of authority granted to decide to increase the share capital for the benefit of employees of foreign subsidiaries of Vivendi subscribers to Vivendi's International Group savings plan or for the needs of implementing an equivalent mechanism without maintaining shareholders' preferential right of subscription. Please vote now. [Voting]

No further voting. Resolution 31 is adopted. Resolution 32, the last one powers to complete formalities. Please vote now. [Voting]

No further voting. Resolution 32 is approved. Thank you.

Thank you very much, Frédéric, and thank you very much, shareholders. We're officially adjourning the meeting. I'd very much like to thank you for everything. Thank you to Vivendi's teams, the teams from Olympia, from Shortcut and I thank all of you who participated in preparing this event. Thank you very much. [Statements in English on this transcript were spoken by an interpreter present on the live call.]