Link to google Translation : { http://bit.ly/1igtCz7}
Link to French Article : {http://bit.ly/PNcM3U}
With the sale of SFR, have you completed your disposal program?
Yes, because our Brazilian subsidiary GVT intended to remain permanently in the group. It is indeed a great tool for us to develop content in this country where the company is already considered the best broadband provider, which allowed him to strengthen in the pay TV and launch its own platform form of music. Regarding the sale of Morocco Telecom Etisalat, it is now almost complete: it will bring us to EUR 4.2 billion, the acquisition of the West African subsidiary of Etisalat in Morocco Telecom is now set and all regulatory green lights achieved. As for Activision Blizzard, we are satisfied we be disengaged from an activity whose growth was based on some great games headlights, included many uncertainties related to the success of the new consoles, and was constrained by the prohibition of certain violent games Yet countries with strong economic dynamism.
What is the profile of the new Vivendi?
We passed an even leveraged in group 13 billion euros in late 2012 to a company that will have cash of about 5 billion euros, while maintaining significant holdings in the companies we cede: 20% in SFR-Numericable should be worth around € 4 billion, we could mobilize if we make an acquisition structuring; 12% of Activision Blizzard would be worth more than € 1 billion after tax. In addition, the results of the new Vivendi permit a great debt capacity.
What will you do with all this cash?
We will make a party to all the shareholders in the form of a special dividend or a share buyback. We will clarify our intentions on this point at the time of publication of the resolutions of the General Meeting of 24 June At this meeting, Jean-François Dubos and I démissionnerons our duties with a sense of accomplishment. As already announced, I will be very happy to provide Vincent Bolloré as chairman. Arnaud de Puyfontaine be CEO. This new team will have the opportunity to comment on its guidance on the occasion of the publication of first quarter results scheduled for mid-May.
At the general meeting of 2012, you announced your intention to refocus activity Vivendi media. Where are you?
Our strategy is to position the group on growth businesses. We invest in new activities that are sources of future growth: service video on demand subscription at Canal +, and more recently in Germany, ticketing, merchandising, partnerships between music and brands .... And also making acquisitions: EMI, the free TV channels D8 and D17, the 20% of Lagardère in Canal + France, the movie studios Hoyts Australia and New Zealand, the UK producer Red, strengthening Canal + Poland. And finally taking stakes in companies similar to ours Trades: 47% in Vevo, Spotify 5%, 14% in helmet manufacturer Beats has just launched its own platform music streaming, and also interests in Firefox and other platforms. These investments increase in value and already weigh together more than a billion dollars.
Basically, why focus on the media while this activity is not without risks?
Our ambition is growth. We do not realize that there are opportunities in music, to speak only of falling record sales and forgetting the success of streaming or downloading. Did you also know that television in Brazil increased by 20-25% per year? Canal + Group generates 40% of its turnover outside France, with a growth of 15% a year abroad? We are the world leader in music and European leader in the cinema. Platforms of distribution being global players, we must be global too. Last year, 62% of the turnover of the perimeter of Vivendi future were made abroad, with a growth of 8%. Starting this year, we will exceed 70% outside France.
What was the decisive factor that led you to choose Numericable?
The feasibility of the operation. A reconciliation Bouygues would have created a group with 47% of market share by value in the mobile, which was untenable in terms of competition. The regulator has asked very important remedies to rebalance the market. The proposal Bouygues sell its mobile network and frequencies Free moving in the right direction, but it would probably take also give customers. Therefore, in the case of a marriage between Bouygues and SFR, we would have ended up with a company facing a decline in over-armed competitor, Free. Execution risks of such a project were really too important.
Bouygues How could he win?
If he had offered 15 billion euros in cash by ensuring that all competitive risks were taken to his office, he would have had a serious chance. But this was not the case. The allowance of EUR 500 million proposed in the case of veto of the Competition Authority was not enough to offset the risk of execution.
The social argument he weighed heavy?
Of course, it was also one of the weaknesses of the project Bouygues. His project involved very significant synergies but with much duplication in staffing. Bouygues Telecom and SFR are very close trades. There would have been 4000-6000 people too, not counting subcontractors. It would have been difficult to manage, even as Bouygues pledged not to lay for three years. SFR is part of Vivendi for 27 years. We can not afford to ship the employees in a project when you realize that there is a third effective too. The representative of employee shareholders and board member of Vivendi stressed this point.
The industrial project Numericable you so convinced?
He especially convinced the council. This is a promising project growth. Activities are highly complementary. There is very little overlap and very little duplication in terms of staff. It is to develop the convergence between fixed and mobile, relying on the growth of high-speed broadband and the generation of new services. This is the winning strategy in telecoms. It is the government's vision and plan France Very High Speed. It also develops everywhere in Europe. Look what Vodafone in Germany and Spain. We strongly believe in the industrial relevance of this project. And that is why Vivendi retains a 20% stake of the future together, because its valuation may increase. There is also plenty to do on the enterprise market. The future is the combination of cable and mobile.
What do you think of Patrick Drahi?
This is a polytechnic, teachers son and especially passionate about telecom. He already knows SFR in every detail, both financially and technically. It is also an entrepreneur with a lot of ambition. Finally, this is a very good financier. When he came to us in February, he had already completed its funding quite secure.
Are you worried that the Bouygues flakes sharing agreement with SFR mobile network, out of spite?
I do not see why. Bouygues Telecom remains a serious partner with whom we work and the sale of SFR is not a ground for termination of mutualisation.
You have been personally implicated because you would have taken a financial interest or applied for a position in the Numericable operation ...
In fifty years of business, I have heard everything! I remember that I have no plans at Vivendi hat, no bonus, no stock options since 2005, and I paid a fixed remuneration of € 700,000 per year, the amount is public. This time, I decided to sue for defamation Mediapart and Le Nouvel Observateur. As the Board of SFR / Numericable, will be set up following the recommendations of regulatory authorities who must authorize the entire project.
Will you retire?
I was already boss in 1972, I did not even have 33 years. The merger between Rhône-Poulenc and Hoechst was the pinnacle of my career. Then merged with Aventis, I participated in the creation of a leading global pharmaceutical which I am still a director. Then they came for me to rescue Vivendi. I was director of a twenty companies. I look forward to delivering a well endowed Vivendi and reformatted!