Vivendi Posts First-Half, Second-Quarter Gains

PARIS, July 25: Revenues for the first half of this year at
Vivendi rose 6.4 percent to 10.2 billion euros, while those for just the second
quarter were up 7.4 percent to 4.8 billion euros.

The revenue growth was driven in part by the Canal+ Group.
The division brought in 2.2 billion euros in the first half, a 17.5 percent
gain. Much of this came from the pay-TV operations in France, where revenues
were up by 24 percent in large part because of the TPS merger, subscription
growth and higher ad revenues. At the end of the period, Canal+ Group's total
subscription portfolio reached 10.3 million, which represents a net increase of
more than 400,000 subscriptions compared to the combined subscriptions of
Canal+ Group and TPS at the end of June 2006. Canal+ had 5.2 million
subscriptions and CanalSat/TPS 5.1 million. For the quarter, revenues were 1.1
billion euros, a 16.4 percent gain. Revenues from pay-TV operations in France
grew 24 percent, mainly driven by the TPS merger and subscription portfolio
growth.

At Universal Music Group, revenues fell 4.9 percent in the
first half to 2.1 billion euros, while Q2 revenues declined slightly to 1.1
billion euros. SFR’s first-half revenues were up just 0.8 percent to 4.3 billion
euros, while second-quarter revenues fell 3.4 percent to 2.2 billion euros.
Maroc Telecom fared better, with revenues up 17.3 percent in the first half, to
1.2 billion euros, and up 20.6 percent in Q2, to 615 million euros. Vivendi
Games delivered the biggest growth, of 68.9 percent, in the half to 500 million
euros. For the quarter, the revenues rose 29 percent to 209 million euros.