Vivendi Delivers Higher Q4 Adjusted Profit

Net profit fell to 521 million euros (US$787 million), from 610 million euros ($927 million) in the same period last year.

Adjusted profit, which excludes nonrecurring gains and charges, increased to 585 million euros ($884 million) from 505 million euros ($767 million) a year earlier.

Looking Ahead

Adjusted profit for the whole of 2007 reached 2.83 billion euros ($4.28 billion), beating Vivendi's guidance of about 2.8 billion euros ($4.2 billion).

Chief executive Jean-Bernard Levy said Vivendi expects in 2008 to deliver profit growth similar to 2007, excluding acquisitions and spinoffs.

The company expects slight growth in revenue at its mobile phone division, SFR, and at its music company, Universal Music Group, in 2008, while revenue at pay-TV division Canal Plus should increase between 3 percent to 4 percent.

Expecting Increases

Vivendi said SFR's adjusted earnings before interest and taxes, or EBIT, should remain nearly flat in 2008, while its earnings before interest, taxes, depreciation and amortization, or Ebitda, should grow slightly.

SFR's outlook excludes the recent integration of telecom provider Neuf Cegetel, Vivendi said.

Adjusted EBIT at Canal Plus should grow over 600 million euros ($907.6 million) in 2008, excluding the transition costs.

Vivendi also expects a slight increase in adjusted EBIT at Universal Music Group, the world's biggest music company.

The shares dipped 2.7 percent to 25.94 euros ($39.24) in Paris.