Vivendi's Management Presents At Morgan Stanley 11th Annual TMT Conference (Transcript)

Vivendi SA (VIVDY.PK)

Morgan Stanley 11 th Annual TMT Conference

November 17, 2012 2:50 AM ET


Patrick Wellington – Morgan Stanley

Philippe Capron – CFO


Patrick Wellington

Good morning everybody, and our next meeting is with the Vivendi Group. We'd very much like to welcome them to the conference. (inaudible) today is Philippe Capron, who is the CFO. Eileen McLaughlin, Investor Relations, in the front row. Encouragingly more people are coming in as we start. It shows such a big draw you are. And that might be because your share price was up 5% yesterday on the back of some pretty good Q3 numbers.

And for those of us who may have missed those highlights, Philippe do you just want to run us through the essential parts of that statement?

Philippe Capron

Sure. Well, first of all good morning ladies and gentlemen. And Patrick thank you to start with such an agreeable question. The timing couldn't be better, especially because we've not always been very happy looking at our share price, those past weeks, or I should say those past years. But it is true that yesterday the market reacted well to objectively what is a good set of numbers.

We had a very strong Q3 on the back of our usual suspects, TVT and Activision Blizzard, which did very, very well since the beginning of the year, but also because the music company, Universal Music, did deliver good results for Q3, up 36% compared to the same quarter. Of course, one quarter does not completely change things but we see at the same time the recovery in the US market being confirmed, and the first impact of the restructuring flowing through the P&L with reduced costs, so a strong set of results.

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