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TheStreet Open House

Vivendi Announces First Quarter 2011

Stocks in this article: VIV

GVT’s good performance was mainly driven by a 104% increase in broadband service revenues (+84.7% at constant currency) and a 50% increase in voice service revenues (+35.5% at constant currency).

As a result of GVT’s geographical expansion in 2010 and the good commercial performance outside its original region, its customer base reached 4.765 million lines in service (LIS), a 52.8% increase compared to the first quarter of 2010. Due to GVT’s competitive value proposition, the net new additions of LIS totaled about 533,000 for the first quarter of 2011, a 77.1% increase compared to the first quarter of 2010.

GVT’s EBITDA was €138 million, a 66.3% increase compared to the first quarter of 2010 (+49.5% at constant currency). EBITDA margin was 41.9% representing a 0.8 10 percentage point increase compared to the first quarter of 2010. These results are the consequence of a better product mix and continued cost optimization.

GVT’s EBITA was €90 million, a 109.3% increase compared to the first quarter of 2010 (+89.3% at constant currency).

During the first quarter of 2011, GVT expanded its coverage with 3 additional cities: Santo André, São Bernardo do Campo (State of São Paulo) and Lauro de Freitas (State of Bahia). GVT now operates in 100 cities as a service provider for retail and corporate segments.

GVT also concluded the migration of its retail broadband customers to its 5 Mbps offer, which is now the minimum speed floor provided, and launched new paid services of online protection and technical support in its Internet portal POP.

GVT’s capital expenditures amounted to €176 million for the first quarter of 2011, an increase of 131.5% at constant currency.

Canal+ Group

Canal+ Group’s revenues were €1,192 million, compared to €1,145 million for the first quarter of 2010, representing a 4.1% increase year-on-year.

Canal+ France’s revenues, which include all pay-TV operations of Canal+ Group in mainland France, French overseas territories and Africa were up 2.4% to reach €1,008 million, notably driven by an increase in subscription portfolio, revenue per subscriber (ARPU) and advertising revenues. Over the past twelve months, Canal+ France’s subscriber base recorded a net growth of 214,000 subscriptions in mainland France, as well as in Canal+ Overseas’ territories. This increase combined with a significant increase of ARPU in mainland France, notably due to higher cross-selling between Canal+ and CanalSat offerings and to increased penetration of content and service options. Canal+ France’s advertising revenues substantially grew, mainly due to Canal+’s good audience ratings.

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