teleco.com.br

03/07/2012

vivendi.com	Vivendi	GVT
	Annual	Annual
	Quarter	Quarter

Founded in 2000, Vivendi is a French company composed by 7 companies. It's active in media and communication sector with business in music, television, movie, publishing, telecommunication, video games and Internet.

- Activision Blizzard: Vivendi's subsidiary, it's a independent producer of games with leadership position in the main segments of the game industry.

- Universal Music Group: 100% of a Vivendi's subsidiary, leader in the world recorded music, which represents more than one in each four albums sold all over the world keeping the largest catalogs of music rights.

- Canal+ Group: Vivendi has 20% of NBC Universal, an important media player active in the production and distribution of films and TV programs, promoting TV channels and theme parks.

- Vivendi Mobile Entertainment: was founded in 2007, as a subsidiary 100% owned by Vivendi. VME aims to create a new distribution channel for entertainment, by explore Vivendi group's content and retransmit contents from other groups. Its innovative subscription services, zaoza brand, was launched in France in 2008.

- SFR: The second biggest telecommunication operator in France SFR is a subsidiary 56% owned by Vivendi. With 19.7 million mobile clients and 3.9 million broadband clients, SFR is the biggest alternative among the mobile and fixed operators in Europe.

- Maroc Telecom: subsidiary 53% owned by Vivendi, it's the biggest mobile and fixed telephony operator. The company provides telecommunication and Internet accesses in Morocco, with 14.4 million mobile telephony clients and about 1.3 million fixed telephony clients. Maroc Telecom is also the main operator in Burkina, Gabon and Mauritania.

- GVT: Vivendi's subsidiary, it's the leader alternative telecommunication operator in Brazil. With innovative solutions and telephony and Internet products.

Million Euros	2007	2008	2009	2010	2011	∆Year
Revenue	21,657	25,392	27,132	28,878	28,813	(0.2%)
EBITDA	4,721	4,953	5,390	5,726	5,860	2.3%
EBITDA Margin	21.8%	19.5%	19.9%	19.8%	20.3%	-
Net Profit	-	2,735	2,585	2,698	2,952	9.4%
Net Debt	5,186	8,349	9,566	8,073	12,000	48.6%
Capex	1,626	2,001	2,562	3,357	3,340	(0.5%)

Thousands	2007	2008	2009	2010	2011	∆Year
Mobile Accesses	18,766	19,652	20,395	21,303	21,463	0.8%
3G	4,082	5,934	8,386	9,663	-	-
Prepaid %	34.5%	30.9%	27.4%	24.4%	22.8%	-
ARPU (Euro)	440	433	418	410	378	(7.8%)
Fixed and Broadband	3,602	3,879	4,444	4,887	5,042	3.2%

Million Euros	2007	2008	2009	2010	2011	∆Year
Revenue	9,018	11,553	12,425	12,577	12,183	(3.1%)
Mobile	8,842	8,990	8,983	8,930	8,452	(5.4%)
Broadband and Fixed	2,888	2,882	3,775	3,944	4,000	1.4%
Others and Eliminations	(310)	(319)	(333)	(297)	(269)	(9.4%)
Ebitda	3,946	3,958	3,967	3,973	3,800	(4.4%)
Mobile	3,474	3,501	3,306	3,197	2,988	(6.5%)
Broadband and Fixed	472	457	661	776	812	4.6%
% Ebitda	43.8%	34.3%	31.9%	31.6%	31.2%	-

Million Euros	2007	2008	2009	2010	2011	∆Year
Revenue	2,456	2,601	2,694	2,835	2,739	(3.4%)
Mobile	1,721	1,867	2,288	2,345	-	-
Broadband and Fixed	989	997	417	505	-	-
Others and Eliminations	(254)	(263)	(11)	(15)	(23)	53.3%
Ebitda	1,091	1,224	1,612	1,667	1,500	(10.0%)
% Ebitda	44.4%	47.1%	59.8%	58.8%	54.8%	-

Thousands	2007	2008	2009	2010	2011	∆Year
Mobile Accesses	13,327	14,456	15,272	16,890	17,126	1.4%
Prepaid %	96.0%	96.0%	95.0%	95.2%	94.0%	-
ARPU (Euro)	9.7	8.7	8.7	8.3	7.8	(6.1%)
Brodaband	476	478	471	497	591	18.9%
Fixed	1,336	1,299	1,234	1,231	1,241	0.8%