Friday February 29, 11:24 AM
Vivendi keeps div policy for 2008, sees strong growth at Maroc Telecom, Canal+
PARIS (Thomson Financial) - Vivendi (Paris: FR0000127771 - news) said it expects to maintain its dividend payout ratio for 2008 at 'at
least' 50 pct of net profit, following a 53.5 pct ratio in 2007, as strong earnings growth at key drivers Canal Plus (Paris: FR0000125460 - news) and Maroc Telecom (Paris: MA0000011488 - news) offset weaker prospects for SFR.
In a slide presentation accompanying its 2007 results news conference, the group said it expects its Canal Plus pay-TV business to post 3-4 pct growth in sales but much faster earnings progress.
Canal Plus EBITA is seen at over 600 mln eur in 2008 before transition costs of around 80 mln eur related to the TPS merger, up from 490 mln in 2007, when transition costs totaled 90 mln.
Maroc Telecom, in which Vivendi holds a 53 pct stake is expected to post sales growth of 'above 7 pct' and EBITA growth of 'above 9 pct'.
For Universal Music Group (UMG) Vivendi expects a 'slight increase' in both sales and EBITA.
Looking further ahead, Vivendi's group sales are expected to grow to 30 bln eur in full-year 2009 after 20 bln in 2006.
Concerning acquisitions underway, the group said it expects US antitrust approval for its Activision (NASDAQ: ATVI - news) deal during the first half.
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