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Vivendi Announces First Quarter 2011

Stocks in this article: VIV

SFR’s mobile EBITDA was €762 million, a 8.6% decrease compared to the first quarter of 2010. Growth in the customer bases, the expansion of mobile Internet and the strict control of costs did not offset the very negative impacts of the regulation, VAT and French market’s strong competition.

SFR’s broadband Internet and fixed EBITDA was €161 million, a 6.6% increase compared to the first quarter of 2010.

SFR’s EBITA was €566 million, a 10.7% decrease compared to the first quarter of 2010.

Maroc Telecom Group

Maroc Telecom Group’s revenues were €672 million, up 1.8% compared to the first quarter of 2010 (+1.5% at constant currency).

Maroc Telecom Group’s customer base reached nearly 26.2 million as of March 31, 2011, up 16.9% compared to March 31, 2011. This expansion reflected a continuing growth in the mobile customer base in Morocco (+6.9%) and the strong marketing momentum in the subsidiaries, where the total mobile customer base grew by 55.6%.

EBITDA was €361 million, down 5.0% compared to the first quarter of 2010 (-5.5% at constant currency), mainly due to the slight growth in revenues in Morocco. Despite this decrease, the EBITDA margin remained at a high level, at 53.7%.

EBITA was €266 million, down 6.3% compared to the first quarter of 2010 (-7.0% at constant currency). The EBITA margin remained at a high level, at approximately 40%, despite the pursuit of major investments in networks and systems.


GVT’s revenues were €329 million, a 53.7% increase compared to the first quarter of 2010 (+38.6% at constant currency).

In the first quarter of 2010, certain sales taxes were recognized as cost of revenues in IFRS. Following the opinion of the accounting authority in Brazil which was issued during the second quarter of 2010, GVT had to retroactively recognize revenue net of these sales taxes as of January 1, 2010. Had such accounting treatment been adopted in the first quarter of 2010, GVT’s net revenues for the first quarter of 2011 would have increased by 62.9% (+46.8% at constant currency).

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