Vivendi Confirms 2011 Targets Despite Economic Troubles
August 31 2011 - 1:12AM
Dow Jones News
French telecom-to-entertainment group Vivendi SA (VIV.FR)
Wednesday confirmed its full-year targets as strong growth at its
video-games and Brazilian telecoms units again helped offset
weakness in the company's French telecoms business.
"Despite the turbulent economic and financial environment, our
operational indicators are increasing. We confirm our full year
outlook for adjusted net income above EUR3 billion, and for an
increase in the dividend," Chief Executive Jean-Bernard Levy said
in a statement.
The adjusted profit figure excludes most non-recurring items
such as charges relating to acquisitions and mergers.
Paris-based Vivendi earlier this year acquired full ownership of
French telecoms group SFR, its biggest cash generator, by acquiring
the 44% stake in French telecom operator SFR it didn't own from
Vodafone Group PLC (VOD) for EUR7.95 billion.
However, SFR is struggling amid heightened competition in the
French telecoms market, where operators are battling each other
ahead of the arrival of Iliad SA's (ILD.FR) Free brand on the
mobile market.
Still, Vivendi's net profit in the second quarter rose 23% to
EUR824 million while adjusted profit rose 12% to EUR884 million,
driven by the settlement of a legal dispute in Poland.
Adjusted earnings before interest and tax, a closely watched
figure that excludes charges relating to acquisitions and mergers,
rose 0.3% to EUR1.66 billion in the quarter from EUR1.65 billion
last year in the three months ended June 30, above analysts'
forecast.
Revenue rose 0.2% to EUR7.07 billion, meeting analyst
forecasts.
Vivendi shares Tuesday closed at EUR16.18.
-By Ruth Bender, Dow Jones Newswires; +33 1 40 17 17 54;
ruth.bender@dowjones.com
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