Vivendi Revenues Up 1%, Universal Music Group Up 21.9%
November 15, 2013 at 3:57 AM (PT)
VIVENDI, the parent company of UNIVERSAL MUSIC GROUP, has released financial results for the first nine months of 2013. The highlights:
* Revenues: €16.190 billion, up 1.0% at constant currency (-1.0% at actual currency) compared to the first nine months of 2012. In the third quarter, revenues were up 3.4% at constant currency (stable at actual currency) compared to the third quarter of 2012.
* EBITA: €2.121 billion, down 23.8% at constant currency (-25.7% at actual currency) compared to the same period in 2012, mainly attributable to SFR. However, UNIVERSAL MUSIC GROUP recorded a strong increase in EBITA (+46.8% at constant currency) in the third quarter 2013.
* Adjusted Net Income3: €1.248 billion, down 22% compared to the same period in 2012.
* Adjusted financial net debt: €7.2 billion, including the disposal of the first tranche of the ACTIVISION BLIZZARD stake (completed on OCTOBER 11th), the acquisition of the CANAL+ FRANCE 20% stake (completed on NOVEMBER 5th) as well as the disposal of the MAROC TELECOM stake, completion expected early 2014 upon terms announced.
Universal Music Group
UNIVERSAL MUSIC GROUP (UMG) revenues for the first nine month of 2013 were €3,398 million, up 21.9% at constant currency (+17.1% at actual currency) compared to the first nine months of 2012. At constant currency and constant perimeter (i.e., excluding revenues from EMI RECORDED MUSIC, acquired at the end of SEPTEMBER 2012), revenues increased 0.9% year-on-year for the first nine months of 2013 and 6.7% in the third quarter alone compared to the same quarter of the previous year.
Digital sales represented 53.9% of recorded music sales for the first nine months of 2013, compared to 47.6% a year earlier. Recorded music best sellers for the first nine months of 2013 included artists and bands such as IMAGINE DRAGONS, RIHANNA, ROBIN THICKE, DRAKE, TAYLOR SWIFT and FRANCE’s STROMAE AND VANESSA PARADIS. UMG’s EBITA of €255 million was up 12.5% at constant currency (+7.1% at actual currency) compared to the first nine months of 2012. Excluding restructuring and integration costs, EBITA was up 19.9%. In the third quarter alone at constant currency, EBITA increased by 46.8% due to higher sales and strict cost management.
The company reported the "synergies related to the EMI RECORDED MUSIC acquisition are on track and should reach the target of more than £100 million by the end of 2014."