Vivendi's third-quarter results fall, targets confirmed
Pascale Paoli-Lebailly | 15-11-2013
Posting revenues up 1% to €16.190 billion over the first nine months of 2013, French media and telecoms group Vivendi's net profit fell 23.7% to €376 million over Q3 owing to SFR's sales downturn.
However, the group confirmed its annual targets, as it's still considering splitting up its telecoms and media activities, which includes Universal Music Group and Canal+.
In the third quarter, mobile operator SFR saw its sales slide 8.7% to €2.5 billion while music Group Universal recorded a strong increase in EBITA (up 46.8% at constant currency).
Premium TV company Canal+ posted a 6.8% increase in sales to €1.2 billion between July and September, but operational profit dropped 9.2% to €217 million due to increased programming costs.
Canal+ Group revenues were €3,857 million, up 5.8% compared to the first nine months of 2012. This increase was primarily due to the integration of new activities in free-to-air television (D8 and D17) in France and the "n" platform in Poland.
Vivendi said that the group's net debt would drop from €16.4 billion to 7.2 billion after the sales of an 88% stake in video game-maker Activision Blizzard and a 53% stake in Maroc Telecom are completed.