VIVENDI UNIVERSAL
NYSE : V

VIVENDI UNIVERSAL

September 13, 2005 05:52 ET

Vivendi Universal: Strong Increase in First Half 2005 Results, Yearly Guidance to Be Exceeded

PARIS--(CCNMatthews - Sep 13, 2005) -

Vivendi Universal



Note: This press release contains consolidated, unaudited earnings
established under IFRS and reviewed by the External Auditors and by
Vivendi Universal's Audit Committee. They were established by the
Management Board on September 6, 2005 and reviewed by the Supervisory
Board on September 12, 2005.



-- Earnings per share: EUR 1.01 compared to EUR 0.3 in the first half of 2004.

-- Earnings from operations: EUR 1, 994 million, an increase of 31% on a comparable basis(1).

-- Adjusted net income(2): EUR 1,162 million, compared to EUR 344 million in the first half of 2004.

-- Net income: EUR 1,260 million, an increase of 49%.



Comments by Jean-Bernard Levy,
Chief Executive Officer of Vivendi Universal



"Combining growth and profitability, Vivendi Universal is in great shape and reflects its potential in a now stable environment.

"We will exceed our announced 2005 adjusted net income target for the year of at least EUR 1.8 billion.

"We reconfirm our previously announced intention to distribute a dividend equaling 50% of our adjusted net income.

"In this first half of 2005, I highlight the vitality of our businesses and the impressive series of successes: Canal+ had the best first half year period in 14 years in terms of new subscriptions; UMG made significant market share gains; World of Warcraft, with four million players at end of August 2005, has been a worldwide success and enabled Vivendi Universal Games to return to profitability; SFR successfully launched 3G services; and, finally, Maroc Telecom has shown extraordinary dynamism in its mobile and ADSL businesses.

"Our drivers of growth are already in place: the digital distribution of music, acquisition of content and the development of new distribution platforms in pay-TV, and third-generation mobile networks that will offer consumers even more innovative services.

"2005 is also a year of major investments in the creation and acquisition of content, in networks, and in distribution platforms. Innovative projects have been launched across the Group, and our businesses are working together on a number of them. The ability to do this is an advantage for us and one that is not available to our competitors.

"Through these investments and innovative projects, Vivendi Universal is assuring its future".



Comments on the Group's consolidated results for the
first half of 2005



Consolidated revenues amounted to EUR 9,131 million compared to EUR 8,406 million in the first half of 2004. On a comparable basis(1), revenues rose by 7% (or by 8% at constant currency) to EUR 9,086 million compared to EUR 8,479 million. All of the group's business units contributed to this improvement.

Earnings from operations totaled EUR 1,994 million versus EUR 1,491 million. On a comparable basis, earnings from operations increased by 31% (and by 31% at constant currency) to EUR 1,966 million. This growth was due to very good performances in music (up EUR 90 million) and the return to breakeven of games (up EUR 181 million), as well as continuing growth in telecommunications (up EUR 167 million). This improvement occurred despite, in the case of Canal+, the impact of substantial commercial investments made in anticipation of the exclusive football broadcasting rights and the impact of a temporary downturn in the film business (down EUR 24 million).

Income from equity affiliates amounted to EUR 172 million versus EUR 163 million. In the first half of 2005, income from equity affiliates included 6 months of equity in NBC Universal's earnings (EUR 188 million) compared to 50 days in the first half of 2004 representing a EUR 118 million increase. This was offset by the absence of a contribution from Elektrim Telekomunikacja in the first half of 2005 (compared to a profit of EUR 79 million as of June 30, 2004).

Interest amounted to EUR -101 million versus EUR -273 million in the first half of 2004. This positive development was achieved through a reduction in average amount of borrowings (EUR 6.8 billion in the first half of 2005 versus EUR 11.4 billion in the first half of 2004), as well as an improvement in financial terms, mainly because of the Group's return to "Investment Grade." In the first half of 2005, the average borrowing costs were 3.61%, substantially less than costs of 5.26% in the first half of 2004.

Provision for income taxes totaled EUR -385 million versus EUR -555 million in the first half of 2004. The increase in the tax charge resulting from the rise in pre-tax income was more than offset by the positive impact of the Consolidated Global Profit Tax System (up EUR 250 million). In 2004, the impact of the Consolidated Global Profit Tax System was not accounted for until the third quarter, following the agreement obtained on August 22, 2004.

Adjusted net income, attributable to equity holders of the parent, was EUR 1,162 million (earnings per share of respectively EUR 1.01 and EUR 1.01 diluted), as compared to an adjusted net income of EUR 344 million in the first half of 2004 (earnings per share of respectively EUR 0.30 and EUR 0.30 diluted). This improvement of EUR 818 million was mainly due to the increase in earnings from operations (up EUR 503 million), the reduction in the interest (up EUR 172 million), and the reduction in provision for income taxes (again, an improvement of EUR 172 million).

Net income totaled EUR 1,260 million (earnings per share of respectively EUR 1.10 and EUR 1.09 diluted), as compared to EUR 844 million in the first half of 2004 (earnings per share of respectively EUR 0.74 and EUR 0.74 diluted).



Vivendi Universal's Media and Telecommunication businesses:
Comments on first half 2005 earnings from operations



Universal Music Group (UMG):

UMG's earnings from operations amounted to EUR 142 million and were up 178% versus the earnings of the first half of 2004 on a comparable basis and at constant currency. This strong growth reflected the improvement in margins caused by higher sale volumes (both physical and digital), and continued lower restructuring costs, partially offset by an increase in marketing expenses.

Vivendi Universal Games (VUG):

VUG's earnings from operations were EUR 13 million, as compared to a loss of EUR 168 million in the first half of 2004. This significant improvement reflects the combined impact on margins of the increase in net sales and reduced operating expenses as a result of the recovery plan introduced in 2004. Earnings from operations also benefited from the massive commercial success of World of Warcraft (4 million players at the end of August) and a strong increase of subscriptions with higher margins.

Earnings from operations in the first half of 2004 included approximately EUR 90 million of non-recurring items relating to restructuring costs, the cancellation of some products, and write-offs of certain titles.

Canal+ Group:

Canal+ Group's earnings from operations were EUR 198 million in the first half of 2005. Earnings from operations, in line with the budget, were slightly lower than the same period last year.

This evolution reflects the company's investment strategy, and particularly the effort made in the commercial and marketing areas.

During the first half of 2005, and prior to the launch of French football League 1, for which Canal+ Group holds exclusive broadcasting rights, Canal+ and CanalSat's recruitment reached almost 450,000 new subscriptions, a rise of 16% versus the first half of 2004.

Earnings from operations for the company's film business were affected by temporary calendar events that should be recovered by business activity in the second half of 2005.

SFR:

Following the merger between Cegetel and neuf Telecom, announced the 11th of May and closed the 22nd of August, that 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.

SFR's earnings from operations rose by 12% to EUR 1,340 million. This growth was due to the 9% increase in network revenues (excluding re-billing of call terminations between mobile operators), customer acquisition and retention costs that were unchanged from the first half of 2004 at 10.9% of network revenues (excluding call terminations), and strict control of other costs.

Maroc Telecom:

Maroc Telecom had earnings from operations of EUR 341 million, up 11% on the first half of 2004 (or 9% at constant currency and on a comparable basis). Growth in revenues of 17% (14% at constant currency and on a comparable basis) was reduced by an additional charge of EUR 28 million connected with the voluntary redundancy plan that was introduced at the end of 2004. Excluding this non-recurring item, growth in earnings from operations would have been 20%, or 18% at constant currency and 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 may the risks described in the documents Vivendi Universal has filed with the US Securities and Exchange Commission and the French Autorite des Marches 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.



(1) For a definition of comparable basis see the Appendix IV.
(2) For a definition of adjusted net income see Appendix III.


PRESS CONFERENCE
Speakers:
Jean-Bernard Levy
Chairman of the Management Board
Jacques Espinasse
Member of the Management Board and Chief Financial Officer

Date: Tuesday, September 13, 2005
11:00 AM Paris time - 10:00 AM London time - 5:00 AM New York time
Address: Vivendi Universal Head Office, 42 Avenue de Friedland,
75008 Paris

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

ANALYST CONFERENCE
Speakers:
Jean-Bernard Levy
Chairman of the Management Board
Jacques Espinasse
Member of the Management Board and Chief Financial Officer

Date: Tuesday, September 13, 2005
3:30 PM Paris time - 2:30 PM London time - 9:30 AM New York time
Media invited on a listen-only basis

Numbers to dial:
Number in France: +33(0)1.71.23.04.22
Number in UK: +44(0)20.7784.1017
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: 6343941#
UK: +44(0)20.7784.1024 - Access code: 7139345#
US: 1.866.883.4489 (Toll free) or 1.718.354.1112 -
Access code: 7139345#

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

The slides of the presentation will also be available online.


APPENDIX I
VIVENDI UNIVERSAL
CONSOLIDATED STATEMENT OF EARNINGS FOR THE
SIX MONTHS ENDED JUNE 30, 2005 AND 2004
(IFRS, unaudited)


CONSOLIDATED STATEMENT OF EARNINGS (a)
(In millions of euros, except per share amounts)

1st Half Ended June 30,
-------------------------------
2005 2004
-------------- --------------

Revenues EUR 9,131 EUR 8,406
Cost of revenues (4,438) (4,346)
-------------- --------------
Margin from operations (4,693) 4,060
Earnings from operations 1,994 1,491
Other income from ordinary activities 42 51
Other charges from ordinary activities (154) (9)
Income from equity affiliates 172 163
-------------- --------------
Earnings before interest and
income taxes 2,054 1,696
Interest (101) (273)
Other financial charges and income 258 (370)
-------------- --------------
Interest and other financial charges
and income 157 (643)
-------------- --------------
Earnings before income taxes
and discontinued operations 2,211 1,053
Provision for income taxes (385) (555)
-------------- --------------
Earnings from continuing operations 1,826 498
Earnings from discontinued
operations (b) (34) 898
-------------- --------------
Earnings EUR 1,792 EUR 1,396
-------------- --------------
-------------- --------------
Attributable to:
Equity holders of the parent EUR 1,260 EUR 844
Minority interests 532 552


Earnings attributable to the
equity holders of the parent per
share - basic EUR 1.10 EUR 0.74

Earnings attributable to the
equity holders of the parent
per share - diluted EUR 1.09 EUR 0.74


AJUSTED STATEMENT OF EARNINGS (a)

1st Half Ended June 30,
-------------------------------
2005 2004
-------------- --------------

Revenues EUR 9,131 8,406
Cost of revenues (4,438) (4,346)
-------------- --------------
Margin from operations 4,693 4,060
Earnings from operations 1,994 1,491
Other income from ordinary activities 42 51
- -
Income from equity affiliates 172 163
-------------- --------------
Earnings before interest and
income taxes 2,208 1,705
Interest (101) (273)
- -
-------------- --------------
Interest and other financial charges
and income (101) (273)
Earnings before income taxes
and discontinued operations 2,107 1,432
Provision for income taxes (392) (564)
-------------- --------------
Earnings from continuing operations 1,715 868
- -
-------------- --------------
Adjusted net income EUR 1,715 EUR 868
-------------- --------------
-------------- --------------
Attributable to:
Equity holders of the parent EUR 1,162 EUR 344
Minority interests 553 524

Adjusted net income attributable to
the equity holders of the parent
per share - basic EUR 1.01 EUR 0.30

Adjusted net income attributable to
the equity holders of the parent
per share - diluted EUR 1.01 EUR 0.30


(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. In accordance with IFRS
5, following Cegetel and neuf telecom merger, announced in May
2005 and closed in August 2005, the fixed operation of SFR
group was qualified as discontinued operation. The first half
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 739 million).



For supplementary information, please refer to Vivendi Universal's financial report that will be posted on Vivendi Universal's website on September 13, 2005 after the Analyst Conference.

Please note that:

In application of European regulation 1606/2002 dated July 19, 2002 concerning international standards, the consolidated financial statements of Vivendi Universal for the financial year ending December 31, 2005, will be prepared in accordance with the IAS (International Accounting Standards) / IFRS (International Financial Reporting Standards) decreed by the IASB (International Accounting Standards Board) applicable as of December 31, 2005, as approved by the European Union (EU). The first financial statements published in accordance with IAS/IFRS standards will be those for the 2005 financial year, with comparative figures for 2004 prepared using the same primary basis of accounting.

At this prospect, first half consolidated financial statements were prepared for the first time in application of, on the one hand, IFRS accounting and valuation principles which should be applicable in the EU and applied by the company for the establishment of the 2005 consolidated financial statements, as described in the notes of financial statements ended June 30, 2005 and of, on the other hand, the information presentation rules applicable to interim consolidated financial statements as defined in the AMF's General Rule. They include for comparison purposes, data related to the full year of 2004 and to the first half of 2004, adjusted according to the same rules.

Given the remaining uncertainties concerning the standards and interpretations which will be applicable as of December 31, 2005, Vivendi Universal reserves the right to modify certain accounting methods and options adopted during the preparation of the 2004 financial information, on final and definitive reporting of the first IFRS consolidated financial statements.

Please refer to Note "IFRS 2004 transition" published on April 14, 2005 and filed with the SEC as exhibit 15.1 of the 2004 Form 20-F on June 29, 2005.



APPENDIX II
VIVENDI UNIVERSAL
CONSOLIDATED STATEMENT OF EARNINGS FOR THE
THREE MONTHS ENDED JUNE 30, 2005 AND 2004
(IFRS, unaudited)

CONSOLIDATED STATEMENT OF EARNINGS (a)
(In millions of euros, except per share amounts)

2nd Quarter Ended
-------------------------------
2005 2004
-------------- --------------

Revenues EUR 4,622 EUR 4,274
Cost of revenues (2,131) (2,194)
-------------- --------------
Margin from operations 2,491 2,080
Earnings from operations 1,082 792
Other income from ordinary activities 23 28
Other charges from ordinary activities (154) (9)
Income from equity affiliates 110 87
-------------- --------------
Earnings before interest and
income taxes 1,061 898
Interest (57) (131)
Other financial charges and income 265 (257)
-------------- --------------
Interest and other financial charges
and income 208 (388)
-------------- --------------
Earnings before income taxes
and discontinued operations 1,269 510
Provision for income taxes (222) (337)
-------------- --------------
Earnings from continuing operations 1,047 173
Earnings from discontinued
operations (b) (7) 785
-------------- --------------
Earnings EUR 1,040 EUR 958
-------------- --------------
-------------- --------------
Attributable to:
Equity holders of the parent EUR 758 EUR 678
Minority interests 282 280


Earnings attributable to the
equity holders of the parent per
share - basic EUR 0.66 EUR 0.59

Earnings attributable to the
equity holders of the parent
per share - diluted EUR 0.66 EUR 0.59


AJUSTED STATEMENT OF EARNINGS (a)

2nd Quarter Ended
-------------------------------
2005 2004
-------------- --------------

Revenues EUR 4,622 4,274
Cost of revenues (2,131) (2,194)
-------------- --------------
Margin from operations 2,491 2,080
Earnings from operations 1,082 792
Other income from ordinary activities 23 28
- -
Income from equity affiliates 110 87
-------------- --------------
Earnings before interest and
income taxes 1,215 907
Interest (57) (131)
- -
-------------- --------------
Interest and other financial charges
and income (57) (131)
-------------- --------------
Earnings before income taxes
and discontinued operations 1,158 776
Provision for income taxes (232) (328)
-------------- --------------
Earnings from continuing operations 926 448
- -
-------------- --------------
Adjusted net income EUR 926 EUR 448
-------------- --------------
-------------- --------------
Attributable to:
Equity holders of the parent EUR 640 EUR 182
Minority interests 286 266

Adjusted net income attributable to
the equity holders of the parent
per share - EUR 0.56 EUR 0.16

Adjusted net income attributable to
the equity holders of the parent
per share - EUR 0.55 EUR 0.16


(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. In accordance with IFRS
5, following Cegetel and neuf telecom merger, announced in May
2005 and closed in August 2005, the fixed operation of SFR
group was qualified as discontinued operation. The second
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
CONSOLIDATED STATEMENT OF EARNINGS FOR THE
FIRST HALF OF 2005 AND THE FIRST HALF OF 2004
(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, as well as provision for income taxes and minority interests in adjustments. Adjusted net income (loss), attributable to equity holders of the parent never includes adjustments in earnings from operations.



----------------- -----------------
2nd quarter ended 1st half ended
June 30, June 30,
----------------- -----------------
2005 2004 (in millions of euros) 2005 2004
------- -------- -------- --------
EUR 758 EUR 678 Earnings attributable to (a) EUR1,260 EUR 844
equity holders of the parent

Adjustments

154 9 Other charges from (a) 154 9
ordinary activities

(265) 257 Other financial charges (a) (258) 370
and income

7 (785) Earnings from discontinued (a) 34 (898)
operations

(10) 9 Provision for income taxes (7) (9)
in adjustments

(4) 14 Minority interest in adjustments (21) 28
------- -------- -------- -------
EUR 640 EUR 182 Adjusted net income attributable EUR1,162 EUR 344
------- -------- to equity holders of the parent -------- -------
------- -------- -------- -------
(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 of 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 at the beginning of 2004.



(In millions of euros) ----------------------------------
2nd quarter ended June 30,
----------------------------------
% Change
at
% constant
2005 2004 Change currency
-------- -------- ------ ---------
Revenues
--------
Universal Music Group EUR1,054 EUR1,043 1% 5%
Vivendi Universal Games 125 71 76% 83%
Canal+ Group 816 827 -1% -2%
SFR (a) 2,160 1,986 9% 9%
Maroc Telecom 454 396 15% 16%
Non core operations and elimination
of intercompany transactions (b) (2) 8 na na
-------- -------- ------ ---------
Total Vivendi Universal EUR4,607 EUR4,331 6% 7%
-------- -------- ------ ---------
-------- -------- ------ ---------
Earnings from Operations
------------------------
Universal Music Group EUR 106 EUR 56 89% 91%
Vivendi Universal Games 2 (120) na na
Canal+ Group 66 121 -45% -46%
SFR (a) 738 637 16% 16%
Maroc Telecom 161 157 3% 3%
Holding & Corporate (20) (67) 70% 69%
Non core operations (b) 29 17 71% 71%
-------- -------- ------ ---------
Total Vivendi Universal EUR1,082 EUR 801 35% 35%
-------- -------- ------ ---------
-------- -------- ------ ---------

(In millions of euros) ----------------------------------
1st half ended June 30,
----------------------------------
% Change
at
% constant
2005 2004 Change currency
-------- -------- ------ ---------

Revenues
--------
Universal Music Group EUR2,092 EUR1,976 6% 9%
Vivendi Universal Games 238 148 61% 67%
Canal+ Group 1,652 1,651 0% -1%
SFR (a) 4,239 3,922 8% 8%
Maroc Telecom 877 779 13% 14%
Non core operations and elimination
of intercompany transactions (b) (12) 3 na na
-------- -------- ------ ---------
Total Vivendi Universal EUR9,086 EUR8,479 7% 8%
-------- -------- ------ ---------
-------- -------- ------ ---------

Earnings from Operations
------------------------
Universal Music Group EUR 142 EUR 52 x3 x3
Vivendi Universal Games 13 (168) na na
Canal+ Group 170 194 -12% -13%
SFR (a) 1,340 1,197 12% 12%
Maroc Telecom 341 317 8% 9%
Holding & Corporate (67) (111) 40% 39%
Non core operations (b) 27 22 23% 27%
-------- -------- ------ ---------
Total Vivendi Universal EUR1,966 EUR1,503 31% 31%
-------- -------- ------ ---------
-------- -------- ------ ---------
na: not applicable.

(a) In accordance with IFRS 5, following Cegetel and neuf telecom
merger, announced in May 2005 and closed in August 2005, the
fixed operation of SFR group was qualified as discontinued
operation. Consequently, revenues and earnings from operations
published for SFR for both 2005 and 2004 exclude Cegetel and
only include mobile operation (including the distribution
subsidiaries).

As of January 1, 2005, SFR revenues include mobile-to-mobile
sales for EUR 449 million for the first half 2005 (including
EUR 232 million for the second quarter). 2004 comparable basis
includes estimated mobile-to-mobile sales applying 2005 rate,
i.e. EUR 417 million for the first half of 2004 (including EUR
213 million for the second 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)

(In millions of euros) ----------------------------------
2nd quarter ended June 30,
----------------------------------
2005 2004 % Change
----------------------------------
Revenues
--------
Universal Music Group EUR 1,054 EUR 1,089 -3%
Vivendi Universal Games 125 71 76%
Canal+ Group 816 910 -10%
SFR (a) 2,175 1,763 23%
Maroc Telecom 454 380 19%
Non core operations and
elimination of intercompany
transactions (b) (2) 61 na
----------------------------------
Total Vivendi Universal EUR 4,622 EUR 4,274 8%
----------------------------------
----------------------------------

Earnings from Operations
------------------------
Universal Music Group EUR 106 EUR 34 x3
Vivendi Universal Games 2 (120) na
Canal+ Group 66 133 -50%
SFR (a) 738 637 16%
Maroc Telecom 161 152 6%
Holding & Corporate (2) (67) 70%
Non core operations (b) 29 23 26%
----------------------------------
Total Vivendi Universal EUR 1,082 EUR 792 37%
----------------------------------
----------------------------------

(In millions of euros) ----------------------------------
1st half ended June 30,
----------------------------------
2005 2004 % Change
----------------------------------
Revenues
--------
Universal Music Group EUR 2,092 EUR 2,066 -1%
Vivendi Universal Games 238 148 61%
Canal+ Group 1,697 1,828 -7%
SFR (a) 4,239 3,485 22%
Maroc Telecom 877 748 17%
Non core operations and
elimination of intercompany
transactions (b) (12) 131 na
----------------------------------
Total Vivendi Universal EUR 9,131 EUR 8,406 9%
----------------------------------
----------------------------------

Earnings from Operations
------------------------
Universal Music Group EUR 142 EUR 23 x6
Vivendi Universal Games 13 (168) na
Canal+ Group 198 205 -3%
SFR (a) 1,340 1,197 12%
Maroc Telecom 341 308 11%
Holding & Corporate (67) (111) 40%
Non core operations (b) 27 37 -27%
----------------------------------
Total Vivendi Universal EUR 1,994 EUR 1,491 34%
----------------------------------
----------------------------------
na: not applicable.


(a) In accordance with IFRS 5, following Cegetel and neuf telecom
merger, announced in May 2005 and closed in August 2005, the
fixed operation of SFR group was qualified as discontinued
operation. Consequently, revenues and earnings from operations
published for SFR for both 2005 and 2004 exclude Cegetel and
only include mobile operation (including the distribution
subsidiaries as of April 1, 2005).

In addition, as of January 1, 2005, SFR revenues include
mobile-to-mobile sales for EUR 449 million for the first half
2005 (including EUR 232 million for the second quarter). 2004
comparable basis includes estimated mobile-to-mobile sales
applying 2005 rate, i.e. EUR 417 million for the first half of
2004 (including EUR 213 million for the second quarter).

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



Contact Information

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