VIVENDI UNIVERSAL
NYSE : V

VIVENDI UNIVERSAL

November 17, 2005 05:15 ET

Vivendi Universal Delivers Strong First Nine Months 2005 Results

PARIS, FRANCE--(CCNMatthews - Nov. 17, 2005) -

Vivendi Universal (NYSE:V)

Note: This press release contains consolidated, unaudited, earnings established under IFRS.

-- Revenues amounted to EUR 14,005 million, showing an organic growth (comparable basis(1)), of 8%, when compared to the first nine months of 2004.

-- Earnings from operations amounted to EUR 2,999 million. On a comparable basis, earnings from operations were EUR 2,971 million, compared to EUR 2,393 million for the same period in 2004, a rise of 24%.

-- Adjusted net income(2), attributable to equity holders of the parent, amounted to EUR 1,687 million, compared to EUR 974 million for the same period in 2004, a rise of 73%. Earnings per share increased from EUR 0.85 to EUR 1.47.

-- Earnings, attributable to equity holders of the parent, were EUR 1,907 million, compared to EUR 1,845 million for the same period in 2004. The Consolidated Global Profit Tax System's positive impact amounted to EUR 391 million versus EUR 750 million for the same period in 2004 for which three-quarters of the 2005 expected tax savings were recorded in the third quarter of 2004. Excluding this non recurring item, the earnings, attributable to equity holders of the parent, would have increased EUR 450 million, a rise of more than 30%.

Comments on the Group's results for the first nine months of 2005

Consolidated revenues amounted to EUR 14,005 million compared to EUR 12,759 million in the first nine months of 2004. On a comparable basis, revenues amounted to EUR 13,960 million compared to EUR 12,960 million, an increase of 8% (+8% at constant currency). Each of the businesses contributed to this performance.

Earnings from operations amounted to EUR 2,999 million compared to EUR 2,375 million in the first nine months of 2004.

This 26% increase was achieved thanks to higher revenues (particularly at SFR, Maroc Telecom and Vivendi Universal Games), combined with efficient cost control within the Group (mainly at SFR, Vivendi Universal Games and UMG), and a reduction in restructuring costs (notably at UMG and Vivendi Universal Games). Finally, earnings from operations for the first nine months of 2004 included non-recurring costs at Vivendi Universal Games.

On a comparable basis, earnings from operations increased by 24% (24% at constant currency), to EUR 2,971 million compared to EUR 2,393 million in the first nine months of 2004.

Income from equity affiliates amounted to EUR 225 million compared to EUR 218 million in the first nine months of 2004. In the first nine months of 2005, income from equity affiliates included nine months of equity in NBC Universal's earnings (EUR 255 million) compared to 142 days in the first nine months of 2004 (EUR 65 million) representing a EUR 190 million increase. Due to the uncertainty surrounding the ownership of Elektrim Telekomunikacja's (Telco) stake in PTC, Vivendi Universal has accounted for Telco using the equity method based on financial statements in which PTC is no longer consolidated. As a consequence, Vivendi Universal's equity in Telco's earnings is nil as of September 30, 2005 (compared to a profit of EUR 107 million for Telco including a capital gain of EUR 49 million on the divestiture of Elnet, as of September 30, 2004).

Interest amounted to EUR -167 million compared to EUR -351 million in the first nine months of 2004. This positive development was achieved through a reduction in average borrowings (EUR 6,6 billion in the first nine months of 2005 versus EUR 9,9 billion in the first nine months of 2004). And a strong decrease in the average borrowing cost to 3,84%, from 5,08% in the first nine months of 2004.

Provision for income taxes amounted to EUR -537 million compared to EUR -121 million in the first nine months of 2004.

Vivendi Universal was admitted to use the Consolidated Global Profit Tax System by an order, dated August 22, 2004, for a five-year period beginning with the taxable year 2004. The Consolidated Global Profit Tax System's impact was recorded for the first time in the third quarter of 2004 for EUR 750 million corresponding to three-quarters of the 2004 expected tax savings (i.e. EUR 362 million) and three-quarters of the 2005 expected tax savings (i.e. EUR 388 million). In the first nine months of 2005, the impact of this agreement corresponded to EUR 391 million, i.e. approximately three-quarters of the 2006 expected tax savings based on budget.

Adjusted net income, attributable to equity holders of the parent, amounted to EUR 1,687 million (earnings per share of respectively EUR 1,47 basic and EUR 1,46 diluted) compared to EUR 974 million (earnings per share of respectively EUR 0,85 basic and EUR 0,85 diluted) in the first nine months of 2004. This improvement of EUR 713 million was mainly due to the increase in earnings from operations (EUR +624 million) and the reduction in the interest (EUR +184 million). The Consolidated Global Profit Tax System's positive impact on the adjusted net income, attributable to equity holders of the parent, amounted to EUR 386 million versus EUR 362 million for the same period in 2004.

Earnings, attributable to equity holders of the parent, improved at EUR 1,907 million (earnings per share of respectively EUR 1,66 basic and EUR 1,65 diluted) compared to EUR 1,845 million in the first nine months of 2004 (earnings per share of respectively EUR 1,62 basic and EUR 1,61 diluted). The Consolidated Global Profit Tax System's positive impact on the earnings, attributable to equity holders of the parent, amounted to EUR 391 million versus EUR 750 million for the same period in 2004 for which three-quarters of the 2005 expected tax savings were recorded in the third quarter of 2004. Excluding this exceptional item, the earnings, attributable to equity holders of the parent, would have increased EUR 450 million.

Vivendi Universal's business units:

Comments on first nine months and third quarter of 2005 earnings from operations

Universal Music Group

First Nine Months of 2005

Universal Music Group's (UMG) revenues of EUR 3,211 million were up 5% on a comparable basis(3) and at constant currency.

UMG's earnings from operations of EUR 213 million were more than double the previous year, on a comparable basis at constant currency, due to the margin from higher sales volumes, and lower depreciation and restructuring costs.

Third Quarter of 2005

UMG's revenues reached EUR 1,119 million, down 1.5% on a comparable basis and at constant currency, versus a very strong third quarter of 2004.

UMG's earnings from operations of EUR 71 million grew 64% on a comparable basis at constant currency with lower operating costs and a reduction in restructuring and depreciation expenses offsetting the margin impact of lower sales volumes.

Vivendi Universal Games

First Nine Months of 2005

Vivendi Universal Games' (VUG's) revenues of EUR 396 million were 88% above the previous year (up 92% at constant currency).

VUG's earnings from operations were EUR 20 million compared to a reported loss in 2004 of EUR 200 million. This dramatic improvement was driven by the impact of much higher sales, coupled with lower operating expenses resulting from the global turnaround plan executed in 2004. The 2005 earnings from operations also benefited from an improvement related to the shift in overall business composition towards the higher margin subscription business World of Warcraft. These improvements integrated increased product development costs linked to recently acquired studios.

Earnings from operations in the first nine months of 2004 included approximately EUR 85 million of non-recurring items relating to restructuring costs as well as the cancellation and write-offs of certain products.

Third Quarter of 2005

VUG's revenues of EUR 158 million were 151% above the prior year (up 151% at constant currency).

VUG's earnings from operations were EUR 7 million compared to a reported loss in 2004 of EUR 32 million. This significant improvement was driven by the success of World of Warcraft, as well as the impact of higher sales from the third quarter launch of Hulk II, and the success in North America from the distribution of Delta Force: Black Hawk Down and FlatOut. These improvements integrated increased product development costs linked to recently acquired studios.

Canal+ Group

First Nine Months of 2005

Canal+ Group reported revenues of EUR 2,560 million. On a comparable basis(4), revenues were up EUR 77 million, or +3% compared to the first nine months of 2004.

Canal+ Group's earnings from operations were EUR 295 million. Earnings from operations, in line with budgets, were slightly lower than the same period last year reflecting the company's investment strategy, both in key premium content (Ligue 1 soccer, cinema) and acquiring subscribers.

During the first nine months of 2005, Canal+ gained more than 400,000 subscriptions with accelerating sales during the third quarter directly linked to the kick off of the new soccer season. From January to June, gross additions were up more than 20% year-on-year rising to nearly 50% between July and September.

Recruitments to CanalSat over the first half of the year were up 10% compared to the first half of 2004, accelerating to nearly 35% during the third quarter of 2005.

Earnings from operations of TKP/Cyfra+ in Poland were significantly up compared to September 2004 due to strong portfolio increase. The Group's cinema activities posted a EUR 15 million improvement (+39%) compared to last year.

Third Quarter of 2005

Canal+ Group reported revenues of EUR 863 million. On a comparable basis, revenues increased by EUR 76 million, i.e. up 10% compared to the third quarter of 2004.

Canal+ Group's earnings from operations were EUR 97 million, a 4% increase, on a comparable basis, compared to the third quarter of 2004, which represent a strong performance given the Group's key investments in content and acquiring subscribers.

In this quarter, during which the contract for exclusive broadcasting of Ligue 1 soccer came into force, Canal+ Group saw accelerating subscription sales. Investments in acquiring subscribers will become profitable in 2006 when higher ARPU and the increased portfolio will come into full effect.

The Group's other main operations posted increased earnings, particularly StudioCanal and TKP/Cyfra+ in Poland.

SFR

The closing, on August 22, 2005, of the merger between Cegetel and neuf Telecom, has led to the formation of the leading French alternative operator for fixed telecommunication services, and in accordance with IFRS, SFR's fixed business - the Cegetel subsidiary - is no longer included in Vivendi Universal's earnings from operations. Consequently, the figures published for SFR in 2004 and 2005 solely concern the mobile business.

First Nine Months of 2005

SFR revenues grew 21.2 % to EUR 6,475 million. On a comparable basis(5), mobile telephony revenues were up 7.6%.

SFR's earnings from operations rose by 10.4% to EUR 2,032 million. On a comparable basis, mobile telephony earnings from operations were up 10.2%, mainly reflecting a 7.5% growth in network revenues (excluding rebilling of mobile termination between operators), these higher volumes of new customer recruitments lead to a slight increase of 0.3 percentage points in customer acquisition and retention costs to 11.2% of network revenues and the strict control of other costs.

Third Quarter of 2005

SFR achieved a revenue growth of 20.4% to EUR 2,236 million. On a comparable basis, mobile telephony revenues were up 6.7%.

SFR's earnings from operations grew 7.5% to EUR 692 million. On a comparable basis, earnings from operations were up 7.0%, mainly reflecting a 5.8% growth in network revenues (excluding rebilling of mobile termination between operators), these higher volumes of new customer recruitments lead to an increase of 1.0 percentage point in customer acquisition and retention costs to 11.8% of network revenues and the strict control of other costs.

Maroc Telecom

First Nine Months of 2005

Maroc Telecom's revenues at EUR 1,380 million increased by 17%, compared to the same period last year (+ 16% at constant currency on a comparable basis(6)).

Maroc Telecom's earnings from operations grew 12% to EUR 565 million compared to the same period last year (+12% at constant currency on a comparable basis). Excluding the voluntary leaving plan charges accounted for during the first half, the growth of earnings from operations would be 18% (+17% at constant currency on a comparable basis).

Third Quarter of 2005

Maroc Telecom's revenues of EUR 503 million increased by 18% compared to the same period last year (+18% at constant currency).

Earnings from operations amounted to EUR 225 million a 15% increase compared to the same period last year (+16% at constant currency on a comparable basis).

Important disclaimer

Vivendi Universal is quoted on the NYSE and on Euronext Paris SA. This press release contains "forward-looking statements" as that term is defined in the US Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not guarantees of the company's future performance. Actual results may differ significantly from the forward-looking statements as a result of a number of risks and uncertainties, most of which are outside our control, notably: the risk that the 2005 prospects for adjusted net income may differ from forecasts made by the company, as well as the risks described in the documents Vivendi Universal has filed with the US Securities and Exchange Commission and the French Autorite des Marc hes Financiers. Investors and security holders are strongly recommended to read those documents at the Security and Exchange Commission's website at www.sec.gov and the French Autorite des Marches Financiers' website (www.amf-france.org). Copies of the documents may also be obtained free of charge from Vivendi Universal. This press release contains forward-looking statements that can only be assessed on the day the press release is issued. Vivendi Universal does not undertake, not has any obligation, to provide, update or revise any forward-looking statements.



ANALYST CONFERENCE
Speaker:
Jacques Espinasse
Member of the Management Board and Chief Financial Officer

Date: Tuesday, November 17, 2005
2:30 PM Paris time - 1:30 PM London time - 8:30 AM New York
time Media invited on a listen-only basis

Numbers to dial:
Number in France: +33(0)1-70-70-81-78
Number in UK: +44(0)20-7784-1004
Number (US toll free): 1-866-239-0750
or
(US toll): +1-718-354-1158

Replay details (replay available for 7 days):
France: +33(0)1-71-23-02-48 - Access code: 4571682#
UK: +44(0)20-7784-1024 - Access code: 4883789#
US: 1-866-883-4489 (Toll free)
or
+1-718-354-1112 - Access code: 4883789#

Internet: The conference can be followed on the Internet at
http://vivendiuniversal.com/ir

The slides of the presentation will also be available online.


(1) For a definition of comparable basis see Appendix IV.
(2) For a definition of adjusted net income see Appendix III.
(3) Comparable basis illustrates the effect of the divestiture of
UMG's Music Clubs in the U.K. and France as if they had occurred
on January 1, 2004.
(4) Comparable basis mainly illustrates the impact of Canal+ Group's
dispositions of businesses (Canal+ Benelux in 2004, NC Numericable
in March 2005) as if these transactions had occurred on January 1,
2004.
(5) In 2004, comparable basis includes estimated mobile-to-mobile
sales at SFR Cegetel applying 2005 rate and illustrates the full
consolidation of minority stakes in distribution subsidiaries.
(6) Comparable basis illustrates the full consolidation of Mauritel as
if this transaction had occurred on January 1, 2004.


APPENDIX I

VIVENDI UNIVERSAL

CONSOLIDATED STATEMENT OF EARNINGS AND ADJUSTED STATEMENT OF
EARNINGS FOR THE FIRST NINE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004

(IFRS, unaudited)

CONSOLIDATED STATEMENT OF EARNINGS(a)
(In millions of euros, Nine Months Ended
except per share amounts) September 30,
-------------------------
2005 2004
------------ ------------
Revenues EUR 14,005 EUR 12,759
Cost of revenues (6,988) (6,496)
------------ ------------
Margin from operations 7,017 6,263
------------ ------------
Earnings from operations 2,999 2,375
Other income from ordinary activities 56 73
Other charges from ordinary activities (154) (18)
Income from equity affiliates 225 218
------------ ------------
Earnings before interest and income taxes 3,126 2,648
Interest (167) (351)
Other financial charges and income 298 290
------------ ------------
Interest and other financial charges
and income 131 (641)
------------ ------------
Earnings from continuing operations before
income taxes 3,257 2,007
Provision for income taxes (537) (121)
------------ ------------
Earnings from continuing operations 2,720 1,886
Earnings from discontinued operations(c) 107 786
------------ ------------
Earnings EUR 2,827 EUR 2,672
------------ ------------
------------ ------------
Attributable to:
Minority interests EUR 920 EUR 827
Equity holders of the parent 1,907 1,845

Earnings attributable to the equity
holders of the parent per share - basic EUR 1.66 EUR 1.62

Earnings attributable to the equity
holders of the parent per share - diluted EUR 1.65 EUR 1.61


ADJUSTED STATEMENT OF EARNINGS(a)

(In millions of euros, Nine Months Ended
except per share amounts) September 30,
-------------------------
2005 2004
------------ ------------
Revenues EUR 14,005 EUR 12,759
Cost of revenues (6,988) (6,496)
------------ ------------
Margin from operations 7,017 6,263
------------ ------------
Earnings from operations 2,999 2,375
Other income from ordinary activities 56 73

Income from equity affiliates 225 218
------------ ------------
Earnings before interest and income taxes 3,280 2,666
Interest (167) (351)

------------ ------------
Interest and other financial charges
and income (167) (351)
------------ ------------
Earnings from continuing operations before
income taxes 3,113 2,315
Provision for income taxes(b) (559) (527)
------------ ------------
Earnings from continuing operations 2,554 1,788

------------ ------------
Adjusted net income EUR 2,554 EUR 1,788
------------ ------------
------------ ------------
Attributable to:
Minority interests EUR 867 EUR 814
Equity holders of the parent 1,687 974

% Change : + 73%


Adjusted net income attributable to the
equity holders of the parent
per share - basic EUR 1.47 EUR 0.85

Adjusted net income attributable to the
equity holders of the parent
per share - diluted EUR 1.46 EUR 0.85



(a) A reconciliation of earnings, attributable to equity holders of
the parent to adjusted net income, attributable to equity holders
of the parent is available in the Appendix III.

(b) Only the portion related to the tax savings in respect of the
current fiscal year are included in the adjusted net income of the
period (i.e. EUR 386 million for the first nine months of 2005 and
EUR 362 million for the first nine months of 2004)

(c) Including 72% of Cegetel's earnings as well as capital gain on the
divestiture. In accordance with IFRS 5, following Cegetel and neuf
telecom merger, announced on May 11, 2005 and closed on August 22,
2005, the fixed operations of SFR qualified as discontinued
operations. The first nine months of 2004 also included 80% of
Vivendi Universal Entertainment's earnings generated over the
period (EUR 163 million) as well as capital gain on VUE
divestiture (EUR 650 million).


For supplementary information, please refer to Vivendi Universal's
financial report that will be posted on Vivendi Universal's website on
November 17, 2005 after the Analyst Conference.


APPENDIX II

CONSOLIDATED STATEMENT OF EARNINGS AND ADJUSTED STATEMENT OF
EARNINGS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004

(IFRS, unaudited)

CONSOLIDATED STATEMENT OF EARNINGS(a)

(In millions of euros, 3rd Quarter Ended
except per share amounts) September 30,
-------------------------
2005 2004
------------ ------------
Revenues EUR 4,874 EUR 4,353
Cost of revenues (2,550) (2,150)
------------ ------------
Margin from operations 2,324 2,203
------------ ------------
Earnings from operations 1,005 884
Other income from ordinary activities 14 22
Other charges from ordinary activities - (9)
Income from equity affiliates 53 55
------------ ------------
Earnings before interest and income taxes 1,072 952
Interest (66) (78)
Other financial charges and income 40 80
------------ ------------
Interest and other financial charges
and income (26) 2
------------ ------------
Earnings from continuing operations
before income taxes 1,046 954
Provision for income taxes (152) 434
------------ ------------
Earnings from continuing operations 894 1,388
Earnings from discontinued operations(b) 141 (112)
------------ ------------
Earnings EUR 1,035 EUR 1,276
------------ ------------
------------ ------------
Attributable to:
Minority interests 388 275
Equity holders of the parent EUR 647 EUR 1,001


Earnings attributable to the equity holders
of the parent per share - basic EUR 0.56 EUR 0.88

Earnings attributable to the equity holders
of the parent per share - diluted EUR 0.56 EUR 0.87



ADJUSTED STATEMENT OF EARNINGS(a)
(In millions of euros, 3rd Quarter Ended
except per share amounts) September 30,
-------------------------
2005 2004
------------ ------------
Revenues EUR 4,874 EUR 4,353
Cost of revenues (2,550) (2,150)
------------ ------------
Margin from operations 2,324 2,203
------------ ------------
Earnings from operations 1,005 884
Other income from ordinary activities 14 22

Income from equity affiliates 53 55
------------ ------------
Earnings before interest and income taxes 1,072 961
Interest (66) (78)

------------ ------------
Interest and other financial charges
and income (66) (78)
------------ ------------
Earnings from continuing operations
before income taxes 1,006 883
Provision for income taxes (167) 37
------------ ------------
Earnings from continuing operations 839 920
------------ ------------
Adjusted net income EUR 839 EUR 920
------------ ------------
------------ ------------
Attributable to:
Minority interests 314 290
Equity holders of the parent EUR 525 EUR 630

Adjusted net income attributable to the
equity holders of the parent, excluding 525 389
the pro forma impact of the Consolidated
Global Profit Tax System as at
June 30, 2004

% Change : + 35%

Adjusted net income attributable to the
equity holders of the parent
per share - basic EUR 0.46 EUR 0.55

Adjusted net income attributable to the
equity holders of the parent
per share - diluted EUR 0.45 EUR 0.55


(a) A reconciliation of earnings, attributable to equity holders of
the parent to adjusted net income, attributable to equity holders
of the parent is available in the Appendix III.

(b) Including 72% of Cegetel's earnings as well as capital gain on the
divestiture. In accordance with IFRS 5, following Cegetel and neuf
telecom merger, announced on May 11, 2005 and closed on August 22,
2005, the fixed operations of SFR qualified as discontinued
operations. The third quarter of 2004 also included 80% of Vivendi
Universal Entertainment's earnings generated over the period as
well as capital gain on VUE divestiture.


APPENDIX III


VIVENDI UNIVERSAL

RECONCILIATION OF EARNINGS ATTRIBUTABLE TO EQUITY HOLDERS OF THE
PARENT TO ADJUSTED NET INCOME ATTRIBUTABLE TO EQUITY HOLDERS OF
THE PARENT

(IFRS, unaudited)

Vivendi Universal considers adjusted net income (loss), attributable
to equity holders of the parent, which is a non-GAAP measure, to be an
important indicator of the company's operating and financial
performances. Vivendi Universal management focuses on adjusted net
income (loss), attributable to equity holders of the parent, as it
better illustrates the performance of continuing operations excluding
most non-recurring, non-operating items. It includes earnings from
operations, other income from ordinary activities, income from equity
affiliates, interest, and tax and minority interest relating to these
items. As a consequence, it excludes other charges from ordinary
activities (corresponding to impairment of goodwill and other
intangible assets losses, if any), other financial charges and income
and earnings from discontinued operations as presented in the
consolidated statement of earnings, provision for income taxes and
minority interests in adjustments as well as the deferred income tax
assets mainly related to the Consolidated Global Profit Tax System.
Adjusted net income (loss), attributable to equity holders of the
parent never includes adjustments in earnings from operations.


3rd Quarter Ended Nine Months Ended
September 30, September 30,
------------------ -----------------
2005 2004 (In millions of euros) 2005 2004
------------------ -----------------
EUR 647 EUR 1,001 Earnings attributable to (a)EUR1,907 EUR1,845
equity holders of the parent

Adjustments
Other charges from
- 9 ordinary activities (a) 154 18

Other financial charges
(40) (80) and income (a) (298) (290)

Earnings from discontinued
(141) 112 operations (a) (107) (786)

Deferred income tax asset
related to the Consolidated
(1) (388) Global Profit Tax System (5) (388)

Provision for income taxes
(14) (9) in adjustments (17) (18)

Minority interests
74 (15) in adjustments 53 13
------------------ -----------------
Adjusted net income
attributable to equity
EUR 525 EUR 630 holders of the parent EUR1,687 EUR 974
------------------ -----------------
------------------ -----------------

(a) As reported in the Consolidated Statement of Earnings.


APPENDIX IV
VIVENDI UNIVERSAL

REVENUES AND EARNINGS FROM OPERATIONS ON A COMPARABLE BASIS BY
BUSINESS SEGMENT

(IFRS, unaudited)

Comparable basis essentially illustrates the effect of the
divestitures that occurred in 2004 (mainly Canal+ Benelux, UMG's Music
clubs, Kencell and Monaco Telecom), of the divestitures that occurred
in 2005 (mainly NC Numericable) and includes the full consolidation of
minority stakes in distribution subsidiaries at SFR and of Mauritel at
Maroc Telecom as if these transactions had occurred as at January 1,
2004. In 2004, comparable basis also includes estimated
mobile-to-mobile sales at SFR applying 2005 rate. Comparable basis
results are not necessarily indicative of the combined results that
would have occurred had the events actually occurred as at January 1,
2004.


3rd Quarter Ended September 30,
-------------------------------------
(in millions of euros) % Change
at
% constant
2005 2004 Change currency
--------- --------- ------- ---------
Revenues
--------

Universal Music Group EUR 1,119 EUR 1,132 -1% -2%
Vivendi Universal Games 158 63 151% 151%
Canal+ Group 863 787 10% 9%
SFR(a) 2,236 2,097 7% 7%
Maroc Telecom 503 427 18% 18%
Non core operations and
elimination of intercompany
transactions(b) (5) (6) 17% 17%
--------- --------- ------- ---------
Total Vivendi Universal EUR 4,874 EUR 4,500 8% 8%
--------- --------- ------- ---------
--------- --------- ------- ---------

Earnings from Operations
------------------------

Universal Music Group EUR 71 EUR 43 65% 64%
Vivendi Universal Games 7 (32) na na
Canal+ Group 97 93 4% 3%
SFR(a) 692 647 7% 7%
Maroc Telecom 224 195 15% 16%
Holding & Corporate (83) (73) -14% -15%
Non core operations(b) (3) 18 na na
--------- --------- ------- ---------
Total Vivendi Universal EUR 1,005 EUR 891 13% 13%
--------- --------- ------- ---------
--------- --------- ------- ---------

Nine Months Ended September 30,
-------------------------------------
(in millions of euros) % Change
at
% constant
2005 2004 Change currency
--------- --------- ------- ---------
Revenues
--------

Universal Music Group EUR 3,211 EUR 3,108 3% 5%
Vivendi Universal Games 396 211 88% 92%
Canal+ Group 2,515 2,438 3% 3%
SFR(a) 6,475 6,019 8% 8%
Maroc Telecom 1,380 1,206 14% 16%
Non core operations and
elimination of intercompany
transactions(b) (17) (22) 23% 23%
--------- --------- ------- ---------
Total Vivendi Universal EUR13,960 EUR12,960 8% 8%
--------- --------- ------- ---------
--------- --------- ------- ---------

Earnings from Operations
------------------------

Universal Music Group EUR 213 EUR 95 124% 126%
Vivendi Universal Games 20 (200) na na
Canal+ Group 267 294 -9% -11%
SFR(a) 2,032 1,844 10% 10%
Maroc Telecom 565 512 10% 12%
Holding & Corporate (150) (184) 18% 17%
Non core operations(b) 24 32 -25% -25%
--------- --------- ------- ---------
Total Vivendi Universal EUR 2,971 EUR 2,393 24% 24%
--------- --------- ------- ---------
--------- --------- ------- ---------
na: not applicable.

(a) In accordance with IFRS 5, following Cegetel and neuf telecom
merger, announced on May 11, 2005 and closed on August 22, 2005,
the fixed operations of SFR qualified as discontinued operations.
Consequently, revenues and earnings from operations published for
SFR for both 2005 and 2004 exclude Cegetel and only include mobile
operations. From January 1, 2005, SFR revenues include
mobile-to-mobile sales for EUR 674 million for the first nine
months of 2005 (including EUR 225 million for the third quarter).
2004 comparable basis includes estimated mobile-to-mobile sales
applying 2005 rate, i.e. EUR 642 million for the first nine months
of 2004 (including EUR 225 million for the third quarter).

(b) Corresponds to Vivendi Telecom International, Vivendi Valorisation
and other non core businesses.


APPENDIX V
VIVENDI UNIVERSAL

REVENUES AND EARNINGS FROM OPERATIONS BY BUSINESS SEGMENT AS PUBLISHED

(IFRS, unaudited)

3rd Quarter Ended
September 30,
---------------------------
(in millions of euros) %
2005 2004 Change
--------- --------- -------
Revenues
--------
Universal Music Group EUR 1,119 EUR 1,163 -4%
Vivendi Universal Games 158 63 151%
Canal+ Group 863 846 2%
SFR (a) 2,236 1,857 20%
Maroc Telecom 503 428 18%
Non core operations and
elimination of intercompany
transactions(b) (5) (4) -25%
--------- --------- -------
Total Vivendi Universal EUR 4,874 EUR 4,353 12%
--------- --------- -------
--------- --------- -------

Earnings from Operations
------------------------
Universal Music Group EUR 71 EUR 33 115%
Vivendi Universal Games 7 (32) na
Canal+ Group 97 96 1%
SFR (a) 692 644 7%
Maroc Telecom 224 195 15%
Holding & Corporate (83) (73) -14%
Non core operations(b) (3) 21 na
--------- --------- -------
Total Vivendi Universal EUR 1,005 EUR 884 14%
--------- --------- -------
--------- --------- -------

Nine Months Ended
September 30,
---------------------------
(in millions of euros) %
2005 2004 Change
--------- --------- -------
Revenues
--------

Universal Music Group EUR 3,211 EUR 3,229 -1%
Vivendi Universal Games 396 211 88%
Canal+ Group 2,560 2,674 -4%
SFR(a) 6,475 5,342 21%
Maroc Telecom 1,380 1,176 17%
Non core operations and
elimination of intercompany
transactions(b) (17) 127 na
--------- --------- -------
Total Vivendi Universal EUR14,005 EUR12,759 10%
--------- --------- -------
--------- --------- -------

Earnings from Operations
------------------------
Universal Music Group EUR 213 EUR 56 280%
Vivendi Universal Games 20 (200) na
Canal+ Group 295 301 -2%
SFR(a) 2,032 1,841 10%
Maroc Telecom 565 503 12%
Holding & Corporate (150) (184) 18%
Non core operations(b) 24 58 -59%
--------- --------- -------
Total Vivendi Universal EUR 2,999 EUR 2,375 26%
--------- --------- -------
--------- --------- -------
na: not applicable.

(a) In accordance with IFRS 5, following Cegetel and neuf telecom
merger, announced on May 11, 2005 and closed on August 22, 2005,
the fixed operations of SFR qualified as discontinued operations.
Consequently, revenues and earnings from operations published for
SFR for both 2005 and 2004 exclude Cegetel and only include mobile
operations. From January 1, 2005, SFR revenues include
mobile-to-mobile sales for EUR 674 million for the first nine
months of 2005 (including EUR 225 million for the third quarter).

(b) Corresponds to Vivendi Telecom International, Vivendi Valorisation
and other non core businesses.


Contact Information

  • Vivendi Universal, Media-Paris
    Antoine Lefort
    +33(0)1-71-71-11-80
    or
    Vivendi Universal, Media-Paris
    Agnes Vetillart
    +33(0)1-71-71-30-82
    or
    Vivendi Universal, Media-Paris
    Alain Delrieu
    +33(0)1-71-71-10-86
    or
    Vivendi Universal, Media-New York
    Flavie Lemarchand-Wood
    +(1) 212-572-1118
    or
    Vivendi Universal, Investor Relations-Paris
    Daniel Scolan
    +33(0)1-71-71-32-91
    or
    Vivendi Universal, Investor Relations-Paris
    Laurence Daniel
    +33(0)1-71-71-12-33
    or
    Vivendi Universal, Investor Relations-Paris
    Edouard Lassalle
    +33(0)1-71-71-30-45
    or
    Vivendi Universal, Investor Relations-New York
    Eileen McLaughlin
    +(1) 212-572-8961