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Vivendi: Growth In 2010 Earnings

Stocks in this article: VIV

SFR’s EBITDA was €3,973 million, a 0.2% increase compared to 2009. This growth included €58 million of non-recurring (“non-cash”) items related to the termination of some of SFR’s fixed network indefeasible right of use (IRU) by third parties.

SFR’s mobile EBITDA was €3,197 million, a 3.3% decrease compared to 2009. Growth in the customer bases, the expansion of mobile Internet and the strict control of costs did not totally offset the very negative impacts of the regulation and strong competition on the French market.

SFR’s broadband Internet and fixed EBITDA was €776 million, a 17.4% increase compared to 2009. This increase was driven by the effects of broadband Internet growth and positive non-recurring items. Excluding the impact of those non-recurring items, EBITDA growth was 8.6%.

SFR’s EBITA was €2,472 million, a decrease of 2.3% compared to 2009.

Maroc Telecom Group

Maroc Telecom Group’s revenues were €2,835 million, up 5.2% year on year (+2.4% at constant currency and perimeter 9) due to the solid performances of its domestic market and of its subsidiaries in Africa.

Maroc Telecom Group’s customer base was 25.8 million, up 19% compared to the end 2009. This evolution reflected a continuing sustained growth of the mobile customer base in Morocco (+10.6%) and especially in the African subsidiaries, where it reached over 6.8 million mobile customers, up 58% year-on-year.

Maroc Telecom Group’s EBITDA was €1,667 million, up 3.4% year-on-year (+2.0% at constant currency and perimeter). Its high EBITDA margin rate was maintained at 58.8% due to the pursuit of growth in revenues and of the very proactive cost optimization policy both in Morocco and in the subsidiaries.

Maroc Telecom Group’s EBITA was €1,284 million, up 3.2% year-on-year (+2.7% at constant currency and perimeter). The EBITA margin rate remained at a high level, 45.3%. Maroc Telecom Group pursues a major investment program, both in Morocco and in the subsidiaries.

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