Vivendi raised its forecast for 2010
Posted by adminVivendi said Wednesday anticipate an increase in its annual results for 2010 and maintaining its dividend to 1.40 euro for the year, after posting better than expected performance in the first half, notably at SFR and Universal Music.
The first group of European media and entertainment market capitalization said in a statement anticipating a growth in adjusted operating profit (EBITA) in 2010 – instead of a "slight" growth before.
It also provides a higher adjusted annual net income higher than the 2.585 million generated in 2009.
Vivendi has released the first-half EBITA of 3.243 million euros, up 11.9% and a turnover of 13.982 million, up 6.1%.
The 12 analysts polled by Reuters drafting average expected EBITA of EUR 3,099.5 million and a turnover of 13.833 million.
The company posted an adjusted net income biannual 1,526,000 euros, up 4.0%
SFR, which accounts for nearly half the turnover of the group reached EBITA of 1.368 million euros, against 1.302 million expected by analysts, with sales up 1.8%, more stronger than expected.
Canal + has reached an EBITA of 486 million euros, up 3.0%, against 463 million expected, but with a turnover more moderate than expected.
Lagardere announced last Thursday that he intended to complete by March 2011 the IPO of 20% of Canal + France held 80% with the balance.
UMG, the first record label world, shows a fall of 24.6% of its EBITA less than expected at 159 million euros, against 149.5 million anticipated.
Vivendi also raised the forecast of Brazilian fixed-line operator GVT, its latest acquisition and its smallest division, now anticipating increases of 34% of its turnover and 44% of its adjusted EBITDA – 29% and cons 35% previously.
GVT has done in the first half turnover of 444 million euros and an EBITA of 98 million.
The Vivendi shares closed Tuesday up 1.24% to 18.41 euros, giving a market capitalization of $ 22.8 billion. It has lost 11.5% since the beginning of the year, against an increase of 5.3% of the pan-European media index.