Vivendi 2019 Net Profit, Revenue Jump
13 Febbraio 2020 - 6:48PM
Dow Jones News
By Mauro Orru
Vivendi SA said Thursday that its net profit and revenue for
2019 jumped thanks to the "very strong" performance of Universal
Music Group.
The French media company reported net profit of 1.58 billion
euros ($1.73 billion) for the year, from EUR127 million the
previous year when a EUR1.07 billion write-down of the value of its
Telecom Italia SpA shares blew a hole in its finances.
Analysts were expecting net profit of roughly EUR1.18 billion,
according to FactSet.
Revenue for the year rose to EUR15.9 billion from EUR13.9
billion the previous year, with Universal Music Group contributing
EUR7.2 billion.
Analysts polled by FactSet were expecting revenue to come in at
roughly EUR15.7 billion.
In December 2019, Vivendi signed an agreement with Chinese
internet-based conglomerate Tencent Holdings Ltd. to sell a 10%
stake in Universal Music Group for EUR3 billion, with the
transaction expected to close by the end of the first half of
2020.
Vivendi said earnings before interest and taxes for the year
rose to EUR1.38 billion from EUR1.18 billion the previous year.
Analysts were expecting EBIT of roughly EUR1.6 billion,
according to FactSet.
Vivendi said the general shareholders' meeting would vote on a
proposed dividend of EUR0.60 per share, up 20% from EUR0.50 a share
for the previous year.
Write to Mauro Orru at mauro.orru@wsj.com
(END) Dow Jones Newswires
February 13, 2020 12:33 ET (17:33 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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