Vivendi net profit up by 20.1% to EUR161m in 1Q14

15 May 2014

French media group Vivendi has published its financial results for the three months ended 31 March 2014, reporting a 3.7% drop year-on-year in revenues to EUR2.722 billion (USD3.73 billion) ‘at actual perimeter and currency’, compared to the EUR2.826 billion reported in 1Q13; the company notes that annual organic revenue growth stood at 2.0% for the quarter. Meanwhile, EBITDA decreased by 11.2% y-o-y to EUR268.0 million, down from EUR301.0 million reported in 1Q13; the drop was blamed on issues affecting Vivendi’s Canal+ Group division. Adjusted net profit, on the other hand, reached EUR161.0 million, a 20.1% increase on the EUR134.0 million reported in the first three months of 2013.

Meanwhile, Vivendi’s discontinued SFR mobile division, which the media group agreed to sell to broadband operator Numericable and its majority owner Altice Group of Luxembourg in April 2014, reported revenues of EUR2.443 billion, down by 5.8% y-o-y. The group however pointed out that the pace of decrease in revenues has slowed down in 1Q14, compared to a 7.1% annual decrease in 4Q13. Further, in the period under review, SFR’s EBITDA declined by 11.0% year-on-year to EUR625 million, with the decline in EBITDA partly ‘softened’ by the company’s transformation plan.

In operational terms, SFR’s total mobile customer base reached 21.293 million subscribers by 31 March 2014, including 11.360 million post-paid subscribers. Elsewhere, the number of fixed broadband accesses reached 5.252 million in 1Q14, with 43,000 net additions reported across the first three months of 2014. Meanwhile, fibre-to-the-home (FTTH) subscribers reached 221,000.

France, SFR, Vivendi