Vivendi SA Q1 Adj. Net Income Rises; Confirms 2017 Outlook - Quick Facts

(RTTNews) - Vivendi SA (VIV.L, VIVEF.PK) reported first-quarter earnings attributable to shareowners of 101 million euros, down 88.3% from prior year. Earnings per share was 0.08 euros compared to 0.66 euros. EBIT amounted to 185 million euros, a 52% decline. The company noted that first-quarter EBIT suffered from a particularly unfavorable comparison with the first quarter of 2016, which benefited from the reversal of reserve related to the settlement of the Liberty Media litigation in the United States. Adjusted net income increased by 57.2% to 155 million euros. Adjusted earnings per share was 0.12 euros compared to 0.08 euros.

First-quarter revenues amounted to 2.66 billion euros, up 6.9% (or 3.4% at constant currency and perimeter). The company said this increase was mainly due to the excellent performances of Universal Music Group (up 12.7% at constant currency and perimeter).

Vivendi confirmed its previously announced 2017 outlook. The company said its revenues should increase by more than 5% and, EBITA should increase by around 25%.

Separately, Vivendi announced it has submitted an indicative offer to Groupe Bolloré to purchase the approximately 60% stake it owns in Havas at a price of 9.25 euros per share. If the acquisition is completed, Vivendi will launch a simplified public tender offer on the remaining Havas shares at the same price, without seeking a delisting of Havas shares.