VIVENDI penalized by Canal + in the first half – Le Figaro

(AOF) – Vivendi achieved in the first half 2016 net profit after minority interests, continuing operations of 913 million euros, up 28.3%. Net income, group share, amounted to 911 million. It was $ 1,991 billion in the first half of 2015 mainly due to the capital gain recorded 1.206 billion from the sale of GVT May 28, 2015.

Adjusted net income was 286 million, down 13.1%. This mainly reflects the decline in EBITA. Excluding a non-recurring negative tax effect of 41 million due to the reversal of provisions resulting from the settlement of the litigation with Liberty Media, adjusted net income was stable at 327 million.

exchange rates and like basis, current operating income decreased 7.6% to 440 million, impacted in particular by the further loss of Canal + France.

Adjusted operating income (EBITA) down 20.4%, reflecting the unfavorable evolution of the ROC and the impact of restructuring charges while in the first half of 2015, EBITA was particularly benefited the product on the outcome of litigation in the United States at UMG and reversals of provisions at Canal + Group.

the revenue was virtually stable at 5.044 billion (-0.9% at currency and at constant perimeter) It was supported by the significant increase in subscription revenue and streaming of Universal Music Group (UMG), more than offsetting the decline in physical and digital download sales, and activities outside France of Group Canal +.

for the first time, at the end of June 2016, the number of individual subscribers recorded by Canal + Group is higher internationally (5,727,000) in mainland France (5455000).

in France, Canal + continues to face a decline in revenues of pay TV despite the success of offers coupled with beIN Sports. The group adopted a plan to reduce costs by 300 million euros, of which about 60 to 80 million will be made this year. This plan allows the chains consolidate equilibrium objective Canal + in France in 2018.

The Management Board confirmed its intention to continue the share buyback program up to a maximum of 10% Vivendi capital depending on market opportunities

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