By Leo Marchandon and Mara Vilcu
(Reuters) -Vivendi said on Thursday that the net asset value of its investments amounted to 4.83 billion euros ($5.23 billion) as of December 31, 2024, following the break-up of the French publishing group and spin off of three companies.
Vivendi, which also confirmed its plan to eventually sell its stake in Telecom Italia, said its revenue totalled 297 million euros in 2024, down from 312 million euros in 2023.
Last December the conglomerate, led by the Bollore family, spun off advertising arms Havas in Amsterdam, broadcaster Canal+ in London and publisher Louis Hachette in Paris.
Vivendi’s share price, which was trading at 2.45 euros immediately after the break-up, was up 3.7% at 2.95 euros at 1122 GMT on Friday, after rising as much as 4.9% in early trade.
“Even if the sum of the stock market prices of the spun-off entities is not yet living up to our expectations, we remain confident in the ability of this operation to create value for all stakeholders,” Chairman Yannick Bollore and CEO Arnaud de Puyfontaine said in a statement.
The group today owns stakes in companies including Universal, publisher Lagardère, TV producers MFE and Banijay as well as Telecom Italia (TIM)and Spain’s Telefonica.
In addition, Vivendi is appealing a decision by a Milan court that threw out an earlier attempt by the French group to fight the sale of Telecom Italia’s landline network, two sources told Reuters this week.
However, CEO de Puyfontaine clarified the group’s intention to sell its stake in TIM, in a call with analysts on Thursday.
“When we are in a position to be able to exit the company in good terms, we’ll do it,” he said.
Sources told Reuters last month that representatives of private equity firm CVC had held talks with Vivendi to buy the French group’s 24% stake in TIM.
Vivendi said on Thursday it will propose a dividend of 4 euro cents per share for the 2024 financial year.
($1 = 0.9243 euros)
(Reporting by Leo Marchandon and Mara Vîlcu in Gdansk; Editing by Susan Fenton)
