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Vivendi 2013 Earnings Beat Estimates on Media, Broadband Gains
By Francois de Beaupuy and Marie Mawad 2014-02-25 T0 6:46:28 Z
Vivendi SA (VIV), the owner of French phone carrier SFR and Universal Music Group, reported 2013 earnings that beat estimates, helped by rising demand at its media properties and Brazilian broadband business.
Adjusted net income fell 9.7 percent to 1.54 billion euros ($2.1 billion) from a year earlier, the Paris-based company said today in an e-mailed statement. Analysts had predicted 1.45 billion euros, according to the average of 17 estimates compiled by Bloomberg. Sales declined 2 percent to 22.1 billion euros, trailing the 22.3 billion euros analysts projected.
Vivendi last year sold stakes in video-game developer Activision Blizzard Inc. and Maroc Telecom SA for about $14 billion. The company is preparing to spin off its French phone unit to focus on media assets including Canal+ and Universal Music, and Brazilian broadband provider GVT. Yesterday, Vivendi said it received an approach about a potential “alliance” between SFR and cable provider Numericable Group SA.
While Vivendi and Numericable have held talks on and off in the past year without being able to agree on valuation, owner Altice SA, founded and chaired by Patrick Drahi, is making a renewed push to consolidate telecommunications assets in Europe, people familiar with the matter said last month.
Vivendi is cutting costs at SFR and revamping offers to keep customers before a planned stock listing for SFR amid a price war in France With Orange SA and Iliad SA.
Shareholder Vincent Bollore is take over as chairman to replace Jean-Rene Fourtou, who led the former French utility for more than a decade. Bollore, the largest shareholder in Havas SA, joined Vivendi’s supervisory committee in December after selling his television assets to the company. He owns about 5 percent of Vivendi.
Fourth-quarter adjusted profit jumped to 292 million euros from 105 million euros, Vivendi said.