French entertainment and telecoms group Vivendi reported revenues down 1.2 percent to EUR 14.1 billion in the first half, compared to the first half of 2011. EBITA fell by 12.7 percent due to a lower contribution from French operator SFR and the unfavourable impact of the Activision Blizzard game release schedule under IFRS standards. The group citing good performances at Brazilian operator GVT, whose EBITA rose 19.3 percent, and Universal Music Group, up 18.2 percent. Vivendi reported an adjusted net income down 16.6 percent to EUR 1.5 billion in the first half, mainly due to its lower EBITA and increased taxes. Earnings attributable to Vivendi shareholders were EUR 1.16 billion (EUR 0.90 per share), versus EUR 2.56 billion (EUR 2 per share) in the first half of 2011, mainly due to a EUR 1.26 billion income recorded in the first half of last year related to the settlement of litigation over the share ownership of PTCin Poland. The group has maintained its forecast for its full year adjusted net income at above EUR 2.5 billion before the impact of transactions during the second half of last year (EMI, Direct 8, Direct Star and ITI-TVN) and telecom restructuring charges. It also confirmed its year-end net debt outlook at below EUR 14 billion.
