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Vivendi Announces First Quarter 2011

Stocks in this article: VIV


SFR’s revenues 6 were €3,056 million, a 0.9% decrease compared to the first quarter of 2010. In a more competitive market, the beginning of the year was impacted by the implementation on January 1 st, 2011 of the VAT rise that SFR refused to apply to its Mobile clients. Excluding regulatory decisions on VAT and termination regulated price cut impacts 7, revenues increased by 4.3%.

Mobile revenues 8 decreased by 2.4% compared to the first quarter of 2010 to €2,132 million. Mobile service revenues 9 decreased by 3.6% to €2,004 million. Excluding the new VAT standard and mobile voice termination regulated price cuts impacts 7, mobile service revenues increased by 3.5%.

During the first quarter of 2011, SFR added 94,000 new mobile postpaid net adds. 31% of SFR customers were equipped with a smartphone at the end of March 2011 (compared to 18% at the end of March 2010), allowing a 25% data revenue growth on the same period in 2010. At the end of March 2011, SFR’s postpaid mobile customer base 6 reached 15.916 million, improving the customer mix by 1.8 percentage point year-on-year to 75.6%. SFR’s total mobile customer base 6 reached 21.039 million.

Following the agreement signed last year with SFR to create a Mobile Virtual Network Operator, La Poste Télécom is to launch its offer by the end of May. Leveraging its network of Post Offices, this Mobile Virtual Network Operator should take a leadership position on the French market.

Broadband Internet and fixed revenues 8 were €988 million, a 0.7% increase compared to the first quarter of 2010. Excluding mobile voice termination regulated price cuts and a lesser extent new VAT standard impacts, broadband Internet and fixed revenues increased by 2.1%, of which 5.4% on broadband Internet mass market. SFR added 65,000 net new active broadband Internet residential customers. At the end of March 2011, the broadband Internet residential customer base totalled 4.952 million, a 7.8% increase year-on-year. Since November 16, 2010, the new NeufBox Evolution offer has attracted more than 250,000 customers.

SFR’s EBITDA was €923 million, a 6.3% decrease compared to the first quarter of 2010 and a 1.2% decrease excluding an approximately €50 million impact of the new VAT regulatory decision.

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