Vivendi Reports Earnings for the First Half of 2007 Double Digit Growth in Operating Performance Confirms 2007 Outlook



    PARIS, August 31 /CNW/ - Regulatory News:

    Note: This press release contains unaudited consolidated earnings
established under IFRS, reviewed by auditors and Vivendi's audit committee.

    --  Adjusted earnings before interest and income taxes(1) (EBITA): EUR
2,596 million, an increase of 10.6% when compared to the first half of 2006,
(+11.9% at constant currency).

    --  Adjusted net income(2): EUR 1,526 million, an increase of 10.7%,
representing a net income per share of EUR 1.32, an increase of 10%.

    --  Earnings attributable to equity holders of the parent: EUR 1,526
million compared to EUR 1,862 million in 2006 which included a significant one
time gain.

    --  2007 Outlook confirmed: adjusted net income above EUR 2.7 billion.

    Remarks by Jean-Bernard Lévy, Chairman of Vivendi's Management Board

    "Vivendi (Paris:VIV) demonstrated significant growth in revenues, EBITA,
adjusted net income and cash flow generation in the first half of 2007. This
proves the effectiveness of a strategy focused on developing and investing in
the entertainment industry.

    By the end of the year, we expect to exceed the record year we had in
2006 and we confirm our outlook for an adjusted net income above EUR 2.7
billion.

    The business unit dynamic remains excellent and our long-term objectives
are on target."

    Highlights of the first half of 2007

    Universal Music Group became the world leader in music publishing with
the acquisition of BMG Publishing and is now diversifying into music
entertainment with the acquisition of Sanctuary. Canal+ France, founded in
January 2007, improved its commercial and financial performance. SFR launched
its Happy Zone and ADSL offerings, and acquired Télé2 France. Maroc Telecom,
which revised upwards its guidance for 2007 during the summer, took control of
both Gabon Telecom, the incumbent operator in Gabon, and Onatel in Burkina
Faso. Vivendi Games boasts more than 9 million subscribers to World of
Warcraft.

    Comments on Vivendi's First Half 2007 Earnings

    Revenues amount to EUR 10,223 million compared to EUR 9,610 million for
the first half of 2006, representing an increase of 6.4% (+8.0% at constant
currency).

    EBITA total EUR 2,596 million compared to EUR 2,348 million for the first
half of 2006, representing an increase of 10.6% (+11.9% at constant currency).

    EBITA's strong increase reflects Vivendi's business units' superior
performance, particularly Maroc Telecom, Canal+ Group (with the first positive
effects of the Canal+ and TPS combination appearing while transition costs
were limited to EUR 38 million) and Vivendi Games (with the exceptional
success of the World of Warcraft: The Burning Crusade expansion pack). This
performance also includes the positive impact of the settlement of a tax
litigation (+EUR 73 million) and the sales agreement for real estate assets in
Germany (+EUR 48 million).

    In the first half of 2006, EBITA included a non-recurring gain resulting
from the actions implemented as part of the management of retirement pension
obligations (EUR 59 million) in addition to the recovery of a cash deposit
with respect to the TVT litigation (EUR 50 million) which was initially
recognized as an expense at UMG.

    Income from equity affiliates totals EUR 172 million compared to EUR 155
million for the first half of 2006, representing an increase of EUR 17
million. The decrease in share of income from NBC Universal, which is solely
due to the decline of the US dollar (EUR 143 million for the first half of
2007 compared to EUR 157 million for the first half of 2006), is more than
offset by the increase in share of income from Neuf Cegetel (EUR 31 million
for the first half of 2007 compared to -EUR 2 million for the first half of
2006).

    Interest amounts to -EUR 64 million compared to -EUR 115 million for the
first half of 2006, representing an improvement of EUR 51 million. This
improvement reflects the increase in interest income generated by cash and
cash equivalents (+EUR 35 million), offset by the increase of interest expense
incurred on loans (-EUR 9 million) as well as the capitalization of interest
relating to the acquisition of BMGP (+EUR 25 million).

    Provision for income taxes is a net charge of -EUR 476 million, compared
to a net income of EUR 651 million for the first half of 2006. The net income
tax profit recorded in 2006 included non-recurring items adjusting previous
years' income tax (+EUR 1,066 million), in particular the gain related to the
settlement of the DuPont litigation (EUR 1,019 million). Excluding the impact
of these non-recurring items, the increase in income tax expense amounts to
EUR 61 million and reflects the improvement of earnings of the Group.

    Adjusted net income totals EUR 1,526 million (representing adjusted net
income per share of EUR 1.32), compared to adjusted net income of EUR 1,378
million for the first half of 2006 (representing adjusted net income per share
of EUR 1.20), an increase of EUR 148 million (+10.7%).

    Earnings attributable to equity holders of the parent totals EUR 1,526
million (representing earnings per share of EUR 1.32), compared to earnings of
EUR 1,862 million for the first half of 2006 (representing earnings per share
of EUR 1.62), a decrease of 18.0%. In the first half of 2006, both the gain
resulting from the settlement of the tax dispute concerning the DuPont shares
(+EUR 921 million) and the capital loss incurred on the PTC shares (-EUR 496
million) were recorded.

    For the first half of 2007, the reconciliation of earnings attributable
to equity holders of the parent with adjusted net income mainly includes the
dilution profit realized on the entry of Lagardère in Canal+ France (+EUR 239
million), the amortization and impairment losses of intangible assets acquired
through business combinations (-EUR 151 million before tax and minority
interests) and the write-off of the minority stake in Amp'd (-EUR 65 million).

    Vivendi's Business Units: Comments on First Half 2007 EBITA

    Universal Music Group

    Universal Music Group's (UMG) EBITA of EUR 220 million is down EUR 75
million compared to the first half of 2006. The first half of 2006 included
the recovery of a previously expensed cash deposit connected with the TVT
dispute of EUR 50 million.

    In the first half of 2007, digital sales increased approximately 50% (at
constant currency). Within a difficult recorded-music market and despite
unfavorable currency movements, UMG significantly outperformed its competitors
on an operating basis.

    Canal+ Group

    Canal+ Group reports EBITA, excluding transition costs linked to the TPS
merger, of EUR 340 million compared to EUR 190 million in the first half of
2006, an increase of EUR 150 million. Including transition costs (EUR 38
million), EBITA totaled EUR 302 million.

    This growth is mainly driven by the strong performance of pay-TV
operations in France. In addition to higher revenues, EBITA benefits from
synergies from the TPS merger, both in distribution costs (subscriber
acquisition costs and management costs) and programming costs (content and
channel fees).

    EBITA from other operations (excluding PSG, sold in June 2006) remains
stable, as lower earnings from StudioCanal (fewer movies released in the first
half of 2007) are offset by higher performances from Canal+ Poland and
i(greater than)télé.

    SFR

    Compared to the same period in 2006, SFR's EBITA decreased by EUR 25
million (-1.8%) to EUR 1,364 million, the numerous regulated tariffs cuts do
not allow SFR to benefit from the growth of traffic and use.

    SFR's EBITA before depreciation is stable at EUR 1,796 million. This
reflects the increase by 1.6 percentage points in customer acquisition and
retention costs to 10.9% of mobile service revenues(3) (due to higher volumes
of post-paid recruitments and retention initiatives and to the penetration of
3G devices among SFR's customer base), which is offset by a 0.2% increase in
mobile service revenues and the strong control of other costs. Depreciation
and amortization and other costs increased by EUR 26 million in the first half
of 2007, following years of investments in 2G and 3G/3G+ networks.

    Maroc Telecom

    Maroc Telecom's EBITA(4) increased by 31.2% to EUR 538 million compared
to the first half of 2006 (+34.5% at constant currency and at constant
perimeter(5)).

    This performance is linked to the combined effect of revenue growth
(+10.1% at constant currency and at constant perimeter), the control of
acquisition costs given the steady growth in the mobile(6) and ADSL customer
base and the control of operational expenses.

    Excluding exceptional provisions charged in 2006 and the reversal of
provisions in 2007, Maroc Telecom's EBITA increased by 23.9% at constant
currency and at constant perimeter.

    Vivendi Games

    Vivendi Games' EBITA of EUR 119 million is 91.9% above the prior year (up
111.5% at constant currency).

    This strong increase is primarily driven by the continued momentum of
Blizzard's World of Warcraft, including the very successful first quarter-2007
release of World of Warcraft: The Burning Crusade. Following the launch of
this expansion pack in the first quarter of 2007 increased World of Warcraft's
subscriber base increased to more than 9 million worldwide. EBITA is also
impacted by a non-recurring increase related to Blizzard's profit sharing and
talent retention plan, and the seasonal effects of Sierra Entertainment's
product releases.

    Important disclaimer:

    This press release contains forward-looking statements with respect to
the financial condition, results of operations, business, strategy and plans
of Vivendi. Although Vivendi believes that such forward-looking statements are
based on reasonable assumptions, such statements are not guarantees of future
performance. Actual results may differ materially from the forward-looking
statements as a result of a number of risks and uncertainties, many of which
are outside our control, including, but not limited to, the risks described in
the documents Vivendi filed with the Autorité des Marchés Financiers (French
securities regulator) and which are also available in English on our web site
(www.vivendi.com). Investors and security holders may obtain a free copy of
documents filed by Vivendi with the Autorité des Marchés Financiers at
www.amf-france.org, or directly from Vivendi. The present forward-looking
statements are made as of the date of the present press release and Vivendi
disclaims any intention or obligation to provide, update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.

    PRESS CONFERENCE

    Speakers:

    Jean-Bernard Lévy

    Chairman of the Management Board

    Philippe Capron

    Member of the Management Board and Chief Financial Officer

    Date: Friday, August 31, 2007

    11:00 AM Paris time - 10:00 AM London time - 5:00 AM New York time

    Address: Salons Hoche- 9 avenue Hoche, 75008 Paris

    Internet: The conference can be followed on the Internet at
http://www.vivendi.com

    ANALYST CONFERENCE

    Speakers:

    Jean-Bernard Lévy

    Chairman of the Management Board

    Philippe Capron

    Member of the Management Board and Chief Financial Officer

    Date: Friday, August 31, 2007

    2:30 PM Paris time - 1:30 PM London time - 8:30 AM New York time

    Media invited on a listen-only basis

    Numbers to dial:

    Number in France: +33 (0)1 70 99 43 00

    Number in UK: +44 (0)20 78 06 19 50

    Number in US: +1 718 354 13 87 and 888 935 45 75 (toll-free).

    Replay details (replay available for 14 days)

    France: +33 (0) 1 71 23 02 48

    UK: +44 (0) 20 78 06 19 70

    US: +1 718 354 11 12 and 1 866 883 44 89 (toll-free)

    Access code: 4997454# for replay in French

    2144737# for replay in English

    Internet: The conference can be followed on the Internet at
http://www.vivendi.com/ir

    The slides for the presentation and the financial report for the half
year of 2007 will also be available online.

    (1) For the definition of adjusted earnings before interest and income
taxes see Appendix I

    (2) For the reconciliation of earnings attributable to equity holders and
adjusted net income see Appendix IV

    (3) Mobile service revenues correspond to mobile revenues excluding net
equipment sale revenues.

    (4) Maroc Telecom's first half and second quarter of 2007 EBITA included
Onatel, consolidated from January 1st, 2007, and Gabon Télécom, consolidated
from March 1st, 2007. Moreover, Maroc Telecom's second quarter of 2007 EBITA
included 4 months of Gabon Télécom operations: Gabon Télécom was actually not
consolidated in the first quarter of 2007 since no financial information was
available at that date.

    (5) Constant perimeter illustrates the full consolidation of Onatel and
Gabon Télécom as if these transactions had occurred at the beginning of 2006
for Onatel and on March 1st 2006 for Gabon Télécom.

    (6) The mobile customer base includes prepaid customers giving or
receiving a voice call during the last 3 months and not resiliated postpaid
customers

    
                                             APPENDIX I
                                               VIVENDI
                                   ADJUSTED STATEMENT OF EARNINGS
                                          (IFRS, unaudited)
    

    
                                       2nd Quarter  2nd Quarter      %
                                          2007         2006      Variation
    ----------------------------------------------------------------------

                 Revenues               EUR  5,203   EUR  4,844     + 7.4%
             Cost of revenues              (2,233)      (2,132)     - 4.7%
                                       -----------------------------------
          Margin from operations             2,970        2,712     + 9.5%

          Selling, general and
     administrative expenses excluding
     amortization of intangible assets
        acquired through business
               combinations                (1,662)      (1,398)
                                                 -
     Restructuring charges and other
       operating charges and income             14         (13)

                EBITA ((*))                    1,322        1,301     + 1.6%

      Income from equity affiliates             90           87
                                                 -            -
                 Interest                     (40)         (66)
                                                 -            -
         Income from investments                 2           33

                                       -----------------------------------
    Adjusted earnings from continuing
     operations before provision for
               income taxes                  1,374        1,355     + 1.4%

        Provision for income taxes           (286)        (284)

       Adjusted net income before
                minorities                   1,088        1,071     + 1.6%

            Minority interests               (333)        (321)

         Adjusted net income ((xx))         EUR  755     EUR  750     + 0.7%
    ----------------------------------------------------------------------

     Adjusted net income per share -
                   basic                      0.65         0.65     + 0.0%

     Adjusted net income per share -
                  diluted                     0.65         0.65     + 0.0%
    

    
                                        1st Half     1st Half        %
                                          2007         2006      Variation
    ----------------------------------------------------------------------

                Revenues               EUR  10,223   EUR  9,610     + 6.4%
            Cost of revenues               (4,506)      (4,464)     - 0.9%
                                      ------------------------------------
         Margin from operations              5,717        5,146    + 11.1%

          Selling, general and
         administrative expenses
        excluding amortization of
       intangible assets acquired
      through business combinations        (3,213)      (2,787)

    Restructuring charges and other
       operating charges and income             92         (11)

                EBITA ((*))                    2,596        2,348    + 10.6%

      Income from equity affiliates            172          155

                Interest                      (64)        (115)

         Income from investments                 4           46

                                      ------------------------------------
    Adjusted earnings from continuing
     operations before provision for
               income taxes                  2,708        2,434    + 11.3%

       Provision for income taxes            (532)        (463)

       Adjusted net income before
                minorities                   2,176        1,971    + 10.4%

           Minority interests                (650)        (593)

        Adjusted net income ((xx))        EUR  1,526   EUR  1,378    + 10.7%
    ----------------------------------------------------------------------

    Adjusted net income per share -
                  basic                       1.32         1.20    + 10.0%

    Adjusted net income per share -
                 diluted                      1.31         1.19    + 10.1%
    

    In millions of euros, per share amounts in euros.

    As a reminder, beginning January 1, 2007, subscriber management and
acquisition costs, as well as television distribution costs incurred by Canal+
Group, are now included in administrative and selling expenses instead of cost
of revenues. In order to provide consistent information, 2006 three and six
months amounts were adjusted as follows: the margins from operations are now
EUR 2,712 million instead of EUR 2,601 million as published in 2006 and EUR
5,146 million instead of EUR 4,927 million as published in 2006.

    For additional information, please refer to "Financial Report and
Unaudited Condensed Financial Statements for the Half-Year Ended June 30,
2007" which will be on line on August 31, 2007 after the analysts meeting.

    ((*)) EBITA corresponds to EBIT excluding amortization and impairment
losses of intangible assets acquired through business combinations.

    ((xx)) The reconciliation of earnings, attributable to equity holders of
the parent to adjusted net income is presented in the Appendix IV.

    
                                 APPENDIX II
                                   VIVENDI
                      CONSOLIDATED STATEMENT OF EARNINGS
                              (IFRS, unaudited)
    

    
                                       2nd Quarter  2nd Quarter      %
                                          2007         2006      Variation
    ----------------------------------------------------------------------

                 Revenues               EUR  5,203   EUR  4,844     + 7.4%
             Cost of revenues              (2,233)      (2,132)     - 4.7%
                                       -----------------------------------
          Margin from operations             2,970        2,712     + 9.5%

          Selling, general and
     administrative expenses excluding
     amortization of intangible assets
        acquired through business
               combinations                (1,662)      (1,398)
                                                 -            -
     Restructuring charges and other
       operating charges and income             14         (13)
                                                 -            -
    Amortization of intangible assets
        acquired through business
               combinations                   (60)         (56)
                                                 -            -
     Impairment losses of intangible
     assets acquired through business
               combinations                   (31)            -

                   EBIT                      1,231        1,245     - 1.1%

      Income from equity affiliates             90           87
                                                 -            -
                 Interest                     (40)         (66)
                                                 -            -
         Income from investments                 2           33
                                                 -            -
    Other financial charges and income       (120)        (615)

                                       -----------------------------------
        Earnings from continuing
     operations before provision for
               income taxes                  1,163          684    + 70.0%

        Provision for income taxes           (252)          792

                                       -----------------------------------
        Earnings from continuing
                operations                     911        1,476    - 38.3%

       Earnings from discontinued
                operations                       -            -

                 Earnings                      911        1,476    - 38.3%

            Minority interests               (317)        (321)
                                                 -            -
    Earnings, attributable to equity      EUR  594   EUR  1,155
           holders of the parent                                   - 48.6%
    ----------------------------------------------------------------------

    Earnings, attributable to equity
     holders of the parent per share -
                   basic                      0.51         1.00    - 49.0%

    Earnings, attributable to equity
     holders of the parent per share -
                  diluted                     0.51         0.99    - 48.5%
    

    
                                        1st Half     1st Half        %
                                          2007         2006      Variation
    ----------------------------------------------------------------------

                Revenues               EUR  10,223   EUR  9,610     + 6.4%
            Cost of revenues               (4,506)      (4,464)     - 0.9%
                                      ------------------------------------
         Margin from operations              5,717        5,146    + 11.1%

          Selling, general and
         administrative expenses
        excluding amortization of
       intangible assets acquired
      through business combinations        (3,213)      (2,787)

    Restructuring charges and other
       operating charges and income             92         (11)
                                                 -
    Amortization of intangible assets
        acquired through business
               combinations                  (120)        (113)
                                                 -
    Impairment losses of intangible
     assets acquired through business
               combinations                   (31)            -

                  EBIT                       2,445        2,235     + 9.4%

      Income from equity affiliates            172          155
                                                 -            -
                Interest                      (64)        (115)
                                                 -            -
         Income from investments                 4           46
                                                 -            -
      Other financial charges and
                  income                        77        (519)

                                      ------------------------------------
        Earnings from continuing
     operations before provision for
               income taxes                  2,634        1,802    + 46.2%

       Provision for income taxes            (476)          651

                                      ------------------------------------
        Earnings from continuing
                operations                   2,158        2,453    - 12.0%

       Earnings from discontinued
                operations                       -            -

                Earnings                     2,158        2,453    - 12.0%

           Minority interests                (632)        (591)
                                                 -            -
    Earnings, attributable to equity    EUR  1,526   EUR  1,862
          holders of the parent                                    - 18.0%
    ----------------------------------------------------------------------

    Earnings, attributable to equity
     holders of the parent per share
                 - basic                      1.32         1.62    - 18.5%
                                                 -            -
    Earnings, attributable to equity
     holders of the parent per share
                - diluted                     1.31         1.60    - 18.1%
    

    In millions of euros, per-share amounts in euros.

    
                                 APPENDIX III
                                   VIVENDI
                    REVENUES AND EBITA BY BUSINESS SEGMENT
                              (IFRS, unaudited)
    

    
                            2nd Quarter 2nd Quarter           % Change at
    (In millions of euros)     2007        2006     % Change constant rate
    ----------------------------------------------------------------------
         Revenues ((*))
    -----------------------
     Universal Music Group   EUR  1,068  EUR  1,077   - 0.8%        + 3.8%
         Canal+ Group             1,087         934  + 16.4%       + 16.3%
              SFR                 2,240       2,166   + 3.4%        + 3.4%
         Maroc Telecom              615         510  + 20.6%       + 23.0%
         Vivendi Games              209         162  + 29.0%       + 37.8%
    Non core operations and
     elimination of inter
      segment transactions         (16)         (5) - 220.0%      - 220.0%
         Total Vivendi       EUR  5,203  EUR  4,844   + 7.4%        + 9.0%
    ----------------------------------------------------------------------

             EBITA
    -----------------------
     Universal Music Group     EUR  163    EUR  154   + 5.8%        + 7.6%
         Canal+ Group               138         157  - 12.1%       - 12.0%
              SFR                   721         723   - 0.3%        - 0.3%
         Maroc Telecom              282         197  + 43.1%       + 46.1%
         Vivendi Games               12          39  - 69.2%       - 59.1%
      Holding & Corporate             5          16  - 68.8%       - 73.9%
      Non core operations             1          15  - 93.3%       - 93.3%
         Total Vivendi       EUR  1,322  EUR  1,301   + 1.6%        + 2.6%
    ----------------------------------------------------------------------
    

    
    (In millions of euros)   1st Half    1st Half             % Change at
                               2007        2006     % Change constant rate
    ----------------------------------------------------------------------
         Revenues ((*))
    ----------------------
    Universal Music Group    EUR  2,095  EUR  2,202   - 4.9%        - 0.3%
         Canal+ Group             2,154       1,833  + 17.5%       + 17.5%
             SFR                  4,336       4,301   + 0.8%        + 0.8%
        Maroc Telecom             1,165         993  + 17.3%       + 19.6%
        Vivendi Games               500         296  + 68.9%       + 80.4%
     Non core operations
      and elimination of
        inter segment
         transactions              (27)        (15)  - 80.0%       - 80.0%
        Total Vivendi       EUR  10,223  EUR  9,610   + 6.4%        + 8.0%
    ----------------------------------------------------------------------

            EBITA
    ----------------------
    Universal Music Group      EUR  220    EUR  295  - 25.4%       - 22.6%
         Canal+ Group               302         190  + 58.9%       + 58.4%
             SFR                  1,364       1,389   - 1.8%        - 1.8%
        Maroc Telecom               538         410  + 31.2%       + 33.9%
        Vivendi Games               119          62  + 91.9%      + 111.5%
     Holding & Corporate             51        (20)      na(*)           na(*)
     Non core operations              2          22  - 90.9%       - 90.9%
        Total Vivendi        EUR  2,596  EUR  2,348  + 10.6%       + 11.9%
    ----------------------------------------------------------------------
    

    na(*): not applicable.

    ((*)) As published in BALO.

    
                                 APPENDIX IV
                                   VIVENDI
      RECONCILIATION OF EARNINGS ATTRIBUTABLE TO EQUITY HOLDERS OF THE
                         PARENT TO ADJUSTED NET INCOME
                              (IFRS, unaudited)
    

    Vivendi considers adjusted net income, a non-GAAP measure, as a relevant
indicator of the Group's operating and financial performance. Vivendi
Management uses adjusted net income, because it provides a better illustration
of the performance from continuing operations by excluding most non-recurring
and non-operating items.

    
     2nd Quarter 2nd Quarter     (In millions       1st Half    1st Half
        2007        2006           of euros)          2007        2006
     ---------------------------------------------------------------------
                                  Earnings,
       EUR  594   EUR  1,155    attributable to     EUR  1,526  EUR  1,862
                               equity holders of
                                 the parent ((*))
                                  Adjustments
                               Amortization of
                               intangible assets
              60          56   acquired through            120         113
                                   business
                                  combinations
                             Impairment losses of
                               intangible assets
              31           -   acquired through             31           -
                                   business
                                combinations ((*))
                               Other financial
             120         615  charges and income          (77)         519
                                      ((*))
                                Earnings from
               -           -     discontinued                -           -
                                 operations ((*))
                              Change in deferred
                              tax asset related to
               2         (4)   the Consolidated              4         (7)
                               Global Profit Tax
                                     System
                             Non recurring items
               -     (1,053)  related to provision           -     (1,066)
                                for income taxes
            (36)        (19) Provision for income         (60)        (41)
                              taxes on adjustments
            (16)           - Minority interests on        (18)         (2)
                                  adjustments
       EUR  755    EUR  750   Adjusted net income   EUR  1,526  EUR  1,378
     ---------------------------------------------------------------------
    

    ((*)) As reported in the Consolidated Statement of Earnings.




For further information:

For further information: Vivendi Media Paris Antoine Lefort +33 (0) 1 71
71 11 80 Agnès Vétillart +33 (0) 1 71 71 30 82 Alain Delrieu +33 (0) 1 71 71
10 86 New York Flavie Lemarchand-Wood +(1) 212.572.1118 or Investor Relations
Paris Daniel Scolan +33 (0) 1 71 71 14 70 Laurence Daniel +33 (0) 1 71 71 12
33 Agnès De Leersnyder +33 (0) 1 71 71 30 45 New York Eileen McLaughlin +(1)
212.572.8961

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