First Half 2020 Financial Results – First Half 2020 Financial Results Good results, driven by UMG and Canal+ – Successful opening of UMG’s share capital

Published on

Paris, July 30, 2020

 

First Half 2020 Financial Results

Good results, driven by UMG and Canal+

Successful opening of UMG’s share capital

 

  • Revenues of €7,576 million, up 3.0% (-2.0% on a constant basis) compared to the first half of 2019
  • EBITA of €735 million, up 2.4% (-3.8% on a constant basis) compared to the first half of 2019
  • First half of 2020 marked by:
    • Very good results of the two main businesses:
      • Universal Music Group (UMG), driven by the growth in subscription services; and
      • Canal+ Group, which saw strong growth in its international operations
    • As anticipated, a decline in the revenues of Havas Group and Vivendi Village, in the context of the public health crisis, the earnings impact of which was partially offset by lower expenses;
    • The sharp rebound in Editis‘ revenues (+ 38%) in June following two difficult months linked to the lockdown; and
    • The strong increase in Gameloft’s revenues in the 2nd quarter (+6.5%)
  • Adjusted net income of €583 million, up 5.4%. This figure does not include the capital gain of €2.4 billion realized on the sale of 10% of UMG’s share capital and recognized in equity
  • Strong cash generation: CFFO of €338 million, up €302 million thanks to Canal+ Group and after significant content investments made by UMG
  • Financial strength: as of June 30, 2020, net debt has been reduced to €3.1 billion, compared to net debt of €4.1 billion at December 31, 2019, after a return to shareholders (dividends and share buybacks) of €1.4 billion, leading to shareowners’ equity of €17.4 billion as of June 30, 2020.

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