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Vivendi Announces First Quarter 2011

Stocks in this article: VIV

Regulatory News:

Vivendi (Paris: VIV):

Note: This press release contains unaudited consolidated earnings established under IFRS, which were approved by Vivendi’s Management Board on May 10, 2011.

  • First Quarter Revenues: up 3.8%
  • First Quarter EBITA: up 7.2%
  • First Quarter Adjusted Net Income: up 29.1%
  • 2011 Outlook confirmed and refined

  • Revenues: €7.2 billion, an increase of 3.8% compared to first quarter 2010.
  • EBITA 1: €1.7 billion, an increase of 7.2% compared to first quarter 2010. Very good performance from Activision Blizzard, GVT and Canal+ Group.
  • Adjusted Net Income 2: €950 million, an increase of 29.1% compared to first quarter 2010. The ANI includes notably the impact of SFR integration at 100% 3 as of January 1, 2011 for Consolidated Global Profit Tax System purposes (€71 million) and contractual dividends received from GE at the sale of the 20% stake in NBCU (€70 million).
  • For 2011 fiscal year outlook, Vivendi confirms a slight increase in Adjusted Net Income excluding NBCU and before the acquisition of the 44% stake in SFR, and adds an Adjusted Net Income above €3 billion and an increased dividend per share after the acquisition of the 44% stake in SFR 3.

Comments on First Quarter 2011 Revenues and EBITA by Vivendi’s Business Units

Activision Blizzard

Activision Blizzard‘s revenues reached €1,061 million, a 12.3% increase (10.8% at constant currency) compared to the first quarter of 2010. EBITA reached €502 million, a 33.2% increase (31.3% at constant currency). These results benefited from the accounting principles requiring that revenues and related cost of sales associated with games with an online component be deferred over the estimated customer service period. The balance of the deferred operating margin was €612 million on March 31, 2011 versus €464 million on March 31, 2010 and €1,024 million on December 31, 2010.

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